Tobacco growers may find new avenue in hemp farming More

New Post Public Reply Private Reply Replies (0) Message Board
StanleyK
1,343
Tobacco growers may find new avenue in hemp farming

More and more farmers are putting up their tractors, selling land, or doing whatever it takes to make ends meet. This is especially true of tobacco farmers as the tobacco industry limits the number of acres produced and the profits earned. However, hemp farming, legalized in the 2018 Farm Bill, could change that decline.

Tony Finch, a former tobacco farmer turned hemp farmer, is proof that money can be made in the industry with hard work.

“I hate to see small farmers, just like me, going out of business when they could have tried growing hemp,” Finch said. He grew his second crop this past year and had a successful harvest.

There are misconceptions and misunderstandings of hemp itself, hemp farming, and the farmers who grow it.

“Hemp doesn’t have any drug attributes or psychotropic natures,” said Jason Amatucci, founder of Virginia Industrial Hemp Coalition. “Our product does not even make anything psychotropic like corn making whiskey or grapes making wine. It just looks like something else.”

Amatucci also explained that the 2018 Farm Bill moved hemp of 0.3 THC (the plant’s intoxicating ingredient) or lower, off the controlled substance act and made it an agricultural commodity. The change in the Farm Bill allows for the import and export of seed and provides a way for states to manage licenses for growers. It also allows banks and insurers to list it as a commodity, Amatucci explained.

“At the end of the day, U.S. Code is law and our laws are clear: Hemp is not a controlled substance. It’s a legal crop to grow, and you can’t prohibit it from going through states. Those things came clear as day from the Farm Bill,” Amatucci said.

bg-hemp_bufkin-002-1245x830.jpg

This change is expected to lead to more growth in the industry. And growth is exactly what farmers in traditional tobacco regions need right now. Dropping demand for tobacco and increasing demand for hemp is beneficial for farmers. Finch said that most farmers in his area started looking at hemp out of desperation for another crop to grow.

“The money you can make in hemp, if you do it correctly and have a good crop, is very appealing,” he said.

“The average small family farm in North Carolina makes $22,000 a year. With hemp you can make a million a year, off five acres, once you get it down,” said Bruce Perlowin, CEO of Hemp Inc.

bg-hemp_Bruce_Perlowin-002-1245x830.jpg

The transition from tobacco to hemp, while challenging, is possible if farmers are willing to learn. Finch said this year will be his third-year growing hemp and each year he feels more comfortable with the process. He said his first year was not successful at all, but he preserved and continued trying.

“The barrier to entrance is knowledge,” Perlowin said. “The knowledge of what to do and how to do it. And to not make any of the $50 million mistakes.”

Another challenge is the testing of hemp being used for its non-psychoactive CBD oil. Hemp must test below a threshold of 0.3 percent THC. If a crop tests higher than that, it must be destroyed. The threshold can vary based on the strain grown along with environmental stressors. Since CBD oil is a strong market right now (it can be used medicinally), there are numerous farmers wanting to grow it, but the testing proves challenging.

The biggest benefit tobacco farmers have in growing hemp is through their infrastructure.

“You can’t grow a substantial acreage of hemp without a huge square footage space to dry it in, it has to hang for a week and then be cured. In the tobacco region every farmer has access to a tobacco drying barn. All you do differently, is not turn the heat on,” Perlowin said.

bg-hemp_bufkin-001-1245x830.jpg

Another benefit is the similarities between the two plants, allowing for equipment and knowledge to be repurposed. Perlowin explained that in non-tobacco areas, hemp must be handplanted, but tobacco transplanters can be used to plant hemp on a large scale. “A whole lot of the old knowledge from where I grew tobacco all my life is translating over into hemp,” said Finch.

His advice is to ask questions of other farmers growing hemp, but still trust your farmer’s gut when making decisions. Perlowin and Amatucci, along with farmers like Finch, also suggested consulting with other experts before investing completely in hemp since it is still a new crop. They both believe there is only growth to come for at least a few more years for the hemp industry and for the farmers growing hemp.

“At the end of the day, if a farmer can grow something that makes a profit, that’s a good thing,” Finch said.

Source...

Hemp, Inc. (HEMP) Stock Research Links

HEMP Board Company Profile Buy Rating Time & Sales News Filings Financials
Scroll down for more posts ▼

Top 10 Most Recent News Articles

iScooter's Bold Black Friday Launch Targets All Ages

Updated Category News Views 0

Revving Up for Black Friday Scootering Alright folks, we're diving headfirst into iScooter's ambitious 2026 Black Friday campaign, and boy, it’s packed to the rafters. Running from October 20 to November 30, they're littering the market with discounts, sparking the interest of adults and kids alike with their electric two-wheelers. Not just another Holiday marketing...

Continue Reading
Nasdaq Outruns Small Caps as Crude Falters

Updated Category News Views 7

Here's a funny thing: A market that's galloping while its commodities counterpart stumbles. We're talking now about the Nasdaq and small caps flexing some serious muscle, pushing higher over a span of three sessions. These growth stocks took the lead, as the Nasdaq Composite inched up 1.04% for the day and gained 2.14% this week, ending at 26,700.62. The Russell 2000...

Continue Reading
Matt Gennone Takes Helm as CEO of evolv Consulting

Updated Category News Views 5

New Leadership for a New Era When Matt Gennone steps into the CEO office at evolv Consulting, the game changes. It's like swapping horses midstream but with someone who knows every ripple and current. Coming from Fractal, with a past that's nothing short of a masterclass in analytics and consulting, he's poised to take evolv by the reins. A Veteran in Analytics Matt hails...

Continue Reading
Side Bolsters Art Division with Roboto Acquisition

Updated Category News Views 7

Breaking Into China's Game Art Market The gaming industry's latest buzz centers around Side's acquisition of Roboto Entertainment, a boutique art studio known for crafting immersive game environments. This isn't just another headline grab—this move puts Side smack dab in the heart of China's burgeoning game market with a fresh Chengdu base. Expansion With Strategic...

Continue Reading
Unicycive Faces Legal Heat: Investors Eye Key Deadline

Updated Category News Views 4

What Went Wrong with Unicycive? Unicycive Therapeutics, Inc., a player in the biotech space, finds itself embroiled in a legal quagmire. A class action lawsuit is hovering over NASDAQ:UNCY, spurred by allegations of the company's slip-ups in manufacturing oversight. Investors are ticked off, understandably, as the lawsuit zeroes in on failures to resolve FDA-cited issues....

Continue Reading
Hard Rock Casino Tejon Commences $725M Expansion Project

Updated Category News Views 4

Ground Broken for Hard Rock Casino Tejon's Ambitious Expansion Who’s got a shovel ready? Hard Rock Casino Tejon does, kicking off a $725 million expansion that's turning heads all the way from Bakersfield to Los Angeles. Let's get something straight: this ain’t just another face-lift. We’re talking about a full-on transformation of the place into a plush resort...

Continue Reading
Ransomware Hits The Money Store, Data at Risk

Updated Category News Views 26

Ransomware in the Mortgage Sector Feels like data breaches are the new rainy day—unwelcome and unavoidable. This time, the storm hit MLD Mortgage Inc., otherwise known as The Money Store. You’d think that with a name like that, they'd keep a tight grip on their data. But nope, they've got a mess on their hands, and Edelson Lechtzin LLP is on the case, poking into this...

Continue Reading
Microtubule Defects Revealed: Impacts on Cancer Treatment

Updated Category News Views 4

Peering into the Heart of Microtubules Ever squint at a tapestry, only to find a rogue thread ruining the pattern? Well, that’s somewhat what scientists at Kanazawa University have found with microtubules, those tiny rods in our cells that usually keep it all together. Using some pretty fancy tech called high-speed atomic force microscopy, these folks peered into the...

Continue Reading
Berney Flowers Rings the Bell on Fiscal Reform

Updated Category News Views 4

Berney Flowers: A Voice for Fiscal Change Oh boy, Berney Flowers sure isn't holding back. The Maryland congressional candidate is out here on Biz Talk Today TV, aiming straight at the heart of government waste and promising fiscal reform with the kind of intensity you don't see every day. Through the airwaves, he's been championing independent audits to keep those...

Continue Reading
How Track Rabbit Levels the Playing Field for Small Motorsport Ventures

Updated Category News Views 3

Fielding Opportunities in a Revved-Up Market You're knee-deep in grease and exhaust, keeping your motorsport enterprise alive against the big dogs without losing grip on the little guy's budget. What if I told you there's a service out there talking your language – combining marketing prowess with AI smarts for as low as $350 a month? That's ALIVE and Track Rabbit...

Continue Reading

Top 5 Most Recently Viewed Articles

Strategic Leadership Shift: Matt Mayfield as CEO of Camwood

Updated Category News Views 380

Leadership Transition at Camwood Capital Group Camwood Capital Group, known for its focus on long-term value creation in the industrial sector, has made a significant leadership change. Matt Mayfield, one of the firm’s co-founders, has been appointed as the President and Chief Executive Officer. This strategic transition signals a renewed commitment to operational...

Continue Reading
US-China Trade Slowdown: Container Shipping at Record Lows

Updated Category News Views 164

Container Shipping Declines Significantly In recent reports, container shipping activity between China and the United States is declining, as it reaches its weakest level in two years. This downturn signals a troubling trend for international trade. Recent Shipping Data Lowest Levels Since May According to a post shared by The Kobeissi Letter, container shipping volumes...

Continue Reading
Lead Plaintiff Opportunity in Late Stage Asset Management Case

Updated Category News Views 84

Opportunity for Lead Plaintiff in Late Stage Asset Management Case Rosen Law Firm, a well-known global law firm focused on investor rights, is reaching out to individuals who acquired Pre-IPO shares through funds from Late Stage Asset Management, LLC. It’s important for these investors to take action before the upcoming deadline. Knowing your rights in such situations...

Continue Reading
Investigation Launched into Nabors Industries Merger and Fairness

Updated Category News Views 144

Overview of the Investigation on Nabors Industries Ltd. Halper Sadeh LLC, a dedicated investor rights law firm, has initiated an investigation regarding the proposed merger between Nabors Industries Ltd. (NYSE: NBR) and Parker Wellbore. The focus of this inquiry is to determine whether the terms of this merger are fair to the shareholders of Nabors Industries. This...

Continue Reading
Enzon and Viskase Announce Exciting Merger Agreement Plans

Updated Category News Views 986

Enzon and Viskase Join Forces in a Strategic Merger In a significant move for both companies, Enzon Pharmaceuticals, Inc. (OTCQX: ENZN) and Viskase Companies, Inc. (OTC Pink Limited: VKSC) have announced a definitive merger agreement. This merger will see Viskase merge into a wholly owned subsidiary of Enzon in a transformative all-stock transaction. Following the merger,...

Continue Reading