Farmers across the country seem to really be jumping onto the band wagon to grow industrial hemp, to the extent that there are concerns about depressing the market.
The Wall Street Journal is reporting the concerns that too many farmers might plant too many acres of hemp, possibly depressing the market before it fully develops.
The story said hemp prices fell 53 percent between April and October, as more than 285,000 acres of hemp were planted nationally during 2019. That compares with 78,000 acres planted during 2018.
Observers aren’t sure how many acres of hemp will be planted as more states legalize growing the crop.
Governor Tony Evers last week signed legislation to make permanent the laws allowing the growing and processing of hemp in Wisconsin; the state’s industry had been working under pilot-program rules starting with the 2018 growing season.
About 1,250 producers raised hemp this year in Wisconsin.
State and federal laws allow permitted farmers to grow industrial hemp that contains less than 0.3 percent tetrahydrocannabinol, the psychoactive element found in marijuana plants, which are related to hemp plants. (Photo courtesy of Brian Bethke)
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