Suggestions from the Helpful Team at the Business Insurance Center
Since the passage of the 2018 Agricultural Bill, many farmers are making the leap from traditional crops like tobacco, corn, or soybean to hemp. This handy plant is used in a variety of commercial and industrial products, like rope, textiles, and clothing. Until about 70 years ago, it was grown here in the land of the free and home of the brave. When Congress classified hemp as a narcotic in 1937 through the Marijuana Tax Act, companies had to import the plant from other countries.
Now that it is legal to grow again, farmers are looking to this potential cash crop to save their farms and families. The decision to till many acres of a known crop in favor of a new one should not be made without considering all that it entails. If you do choose to become a hemp grower, be sure to talk with the knowledgeable team at the Business Insurance Center and obtain hemp grower’s insurance to protect your new investment.
Common Questions about Growing Hemp
Hemp has been around for thousands of years and has a myriad of uses. When it comes to growing the plant, consider these answers to common questions:
- Why should I grow hemp? Besides the lucrative CBD oil industry, hemp has over 25,000 known uses. It grows more vigorously than corn with less water, pesticides, herbicides, and fertilizer. Almost all parts of the plant can be used. For example, the biomass can be used for livestock feed, biofuel, paper, and textiles. The seeds and oil are used in both culinary and industrial industries. The stock, called hempcrete, can be used as an alternative building material.
- What part of the country does hemp grow best? For the most part, this rigorous plant can grow in just about any region of the country. It loves warm weather with well-drained soil saturated in organic matter. They are relatively drought-resistant plants but do require some irrigation in the early part of their growth cycle.
- How much land do I need? You need to think in industrial-sized terms. This isn’t a plant you harvest and take to your local farmer’s market. To be profitable, expect to sow at least 50 acres of seeds.
- What kind of regulations are in place? The landscape of growing hemp is changing. As of the 2018 Farm Bill, the plant was reclassified and became legal to grow. However, you must follow the regulations of your particular state, as well.
- Can I expect to make a profit? It is possible, and a very attractive option too! The market is still in its early stages, so only time will tell what the industry’s success rate will be.
Get Off on the Right Foot – Buy Hemp Grower’s Insurance from the Business Insurance Center
In addition to following the correct state mandates, get the right coverage for your hemp growing operations. The experienced brokers at the Business Insurance Center understand the uncertainty you face and are available to help you find obtain policies for crop protection, equipment, sales and revenue, and health, life, and disability. Let us assist you as you make the jump into this new and blossoming crop.
Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.