A farmer field day is due to take place on September 6 to give prospective hemp farmers in Southern Wisconsin valuable tips learned by the researchers at the Michael Fields Agricultural Institute.
This one-day event will focus on hemp from which CBD can be extracted. Michael Fields Agricultural Institute will showcase the different cultivation methods that it has experimented with over the past year.
Leah Sandler, a research agronomist at the Michael Fields Agricultural Institute, says that the production trials that they conducted will be helpful to the prospective hemp farmers.
The institute was one of the few entities that were allowed to do research on hemp cultivation and processing. Sandler reveals that they tried to make as many mistakes as possible so that future farmers in the state don’t have to repeat those mistakes.
2018 marked the first time that hemp could be legally grown in the state after a law was passed to start a hemp cultivation pilot program. In that year, the state department of agriculture issued only 250 cultivation licenses and 100 hemp processing licenses.
This year, the number of cultivation licenses has exploded to more than 1,400 and almost 700 for processing hemp. The number is expected to keep growing in the coming years.
The increase in the number of growers and processors is largely due to the expectation that the U.S. CBD market will grow from an estimated $618 million in 2018 to more than $22 billion by 2022.
However, Sandler warns that a lot still needs to be learned about the hemp industry before all those projected revenues can be enjoyed by farmers and processors in Wisconsin and beyond.
For example, the Michael Fields researcher points out that most of the hemp processors aren’t based in Wisconsin or its surroundings, so it isn’t yet clear where the market for the hemp harvested in Wisconsin will be.
In order to promote hemp processing in the state, Leah Sandler and other experts will also host another field day that specifically targets hemp extractors and processors. This event will be held on September 13.
For now, farmers may not have serious worries about markets because hemp has been coming into the U.S. from Canada and beyond, so a domestic supply is a good thing for U.S. processors and extractors since it is likely to be more affordable for them. Experts also agree that industry players like SinglePoint Inc. (OTCQB: SING) and Sugarmade Inc. (OTCQB: SGMD) see a bright future for the hemp industry which is just taking off.
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