The Small Business Development Center in East Colorado is providing hemp producers with a two-day training program that would help them develop a successful business plan for starting a hemp-related business. This comes after the center held a series of introductory hemp meetings across the state.
The two-day event’s agenda is to teach producers about agronomics, labor requirements, risk management, budgeting, marketing, and business planning.
The program coordinator Andrew Schroeder, who grew up in Arkansas Valley, said that they aim to provide the producers with knowledge and connections which will help them succeed in the venture. He further noted that the myth about there being a lot of money in hemp is not valid.
The two-day training event program covers the following:
- The history of the hemp industry,
- Hemp markets and regulations,
- Types of products that can be obtained from hemp,
- Methods of acquiring conventional or creative financing.
Schroeder further said that they would be taking the producers through the process of developing a full business plan, from how to create a business plan to how to come up with goals for your hemp business. At the end of the training, producers are allowed to work with a local business consultant who conducts a financial analysis of your business plan to test its feasibility.
The event will be held at the Aims Community College in Fort Lupton, on January 17-18.
The executive director of the Small Business Development Center, Lisa Hudson, said that this is the first kind of training to take place in Eastern Colorado, and they are presenting the attendees with a great team of experts.
The college is the first in Colorado to offer a course on hemp production. Instructor Kirk Globe frequently travels within the state and across the nation, speaking to farmers about hemp. Globe will be speaking during the Colorado Farm Show, which will be held on Jan. 28 in Greeley. During the farm show, he will conduct a morning overview of “hemp happening.” He will also be a moderator on a producer panel talking about “lessons learned.”
The Center will be hosting a second training at the University of Northern Colorado on March 6 and 7 in Greeley.
People looking to attend can register online on their website https://eastcoloradosbdc.com or at the door during the first day of training.
Startup Colorado is giving out ten scholarships to attend the event, and the information on the application process is also found on the website, said Schroeder.
According to Schroeder, nearly 150 producers attended the introductory series, and some of them traveled from as far as San Luis Valley and Nebraska. People from the banking industry and insurance also attended to learn how to serve their clients better.
Due to the growing interest in the introductory series, the center is considering doing a live stream on the series.
There is a significant level of uncertainty surrounding hemp, and the goal is to provide hemp producers with a solid foundation that ensures their success, said Schroeder.
Experts agree that industry actors like Dama Financial and Lexaria Biocience Corp. (CSE: LXX) (OTCQX: LXRP) are glad that such trainings are being organized in Colorado and elsewhere since farmers will be better equipped to succeed in this nascent industry.
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