It doesn’t seem obvious, but one of the most lucrative activities you would get into right now is hemp farming.
Economic pundits estimate that CBD in America will be worth around $20 billion by 2024. It’s a huge statement, and if you are the source of industrial hemp, if you be the farmer, there are millions in it.
You don’t have to have a piece of land for you to start hemp farming. Even if you live in a town, you can convert an indoor space into a grow facility.
But be careful to select a disease and mold-resistant hemp strain that hands you an impressive yield.
What Are the Perfect Growing Conditions for Hemp?
Hemp appears to thrive in many regions across the world, but if we are talking about the best performance, put it in warm weather and well-aerated soils.
Hemp doesn’t do well in regions that are wet throughout, with soggy low-fertility soils, and high weed pressure.
If you can get your soil tested before planting, it enables you to see the amount of sulfur, potassium sulfate, and rock phosphate it contains.
It takes roughly two to three months for hemp to be ready for harvest, and it is critical to keep the conditions stable.
If you’re using an indoor growing facility, you must set up the equipment perfectly, and consistently supply light and hydration so that you get a high yield.
How Much Money Can I Make From An Acre of Hemp?
Your yield is dependent upon several factors like strain, weather conditions, soil fertility, and growing complementary products.
On average, you can harvest 1000 pounds of hemp from an acre, as long as you observed proper planting and maintenance practices.
And so, depending on your state, cultivation methods, and your networks, you may generate anywhere from $3000 to $50000 per acre.
Is It Okay To Grow Hemp At Home?
Hemp farmers will tell you that one of their biggest challenges is getting the state to hand them licenses.
But what if you decide to grow hemp at home?
Since hemp was decriminalized, you would think that the government has no grounds to criminalize private hemp growing.
Growing hemp at home is legal, but it is still surrounded by ambiguous provisions, e.g. the intent for growing, and the external impacts.
If you’re looking to grow hemp at home, you might want to seek expert advice from an attorney so that you don’t get into trouble.
Can I Become A Millionaire As A Hemp Farmer?
You can become a millionaire as a large-scale hemp farmer, but there’s no guarantee.
Farming hemp comes with its challenges, and if you’re inexperienced, as most newbies are, you will see massive losses.
The secret to making great money as a hemp farmer is to have vast networks so that your product doesn’t hang around for long without selling.
You also have to have the best strains, so that you might seem enticing to buyers.
If you be having advanced equipment for managing your plants every step of the way, it leads to a bigger yield, and subsequently, bigger profits.
And so, hemp farming is profitable but various factors be governing the money you can make.
How Big Can a Hemp Plant Get?
It mainly depends on the strain, but hemp plants can stand anywhere from 2 to 4 meters. When looking for seeds, make sure to liaise with expert breeders to help you get the strain with superior genetics.
Does Hemp Deplete The Soil?
Like any other crop, hemp uses up the nutrients in the soil, thus causing a deficit. Observe proper farming practices to preserve soil fertility.