With the growing industry and potential for big business around cannabis, hemp, and its by-products, it is likely that many are interested in joining this new market. There are, however, still a number of important things you should probably be thinking about before diving right into your own hemp farming business. This article aims to help prepare you to navigate the difficult process of establishing your own hemp farm without making any serious mistakes in the process.
Check the Law
While the farming and sale of marijuana have been legalized in various states for both recreational and medicinal purposes, this is not true for every state. Because of this, your first port of call should be to research the legality of marijuana in the state you are in or planning to set up your farm in.
Make a Plan
As you should when planning to enter any kind of business venture, it is vital that you engage with proper research before committing yourself to farm cannabis or hemp. There are likely many aspects of the field you don’t yet know, and until you do, there is no way for you to properly engage with the business.
Once you feel you’ve gained suitable knowledge in the field, it is time for you to layout a timeline and make a plan. You should create a simple roadmap to get from where you are to where you want to go and ensure that you follow it at every juncture. Only in this way can you hope to find success in your business endeavor.
Acquire Some Land
Now that you have set yourself on a course of action, it is important for you to secure a suitable location to set up shop, so to speak. Unfortunately, it will not be so simple as buying a suitable portion of land and immediately laying down roots.Â
There are regulations inherent in this aspect of your farming endeavor as well. You will likely have to acquire a proper license before you are legally able to begin farming. If you live in Oregon, for example, then you will have to acquire proper legislation from the OLCC, Oregon Liquor Control Commission, before you can begin lawfully growing marijuana on any plot of land.
Once you have the land and the licences to start your hemp cultivation business you should start thinking about the hemp crop insurance. Many farmers risk having their crop damaged by natural disasters, that’s why you should take measures of safety beforehand. Insurance can be a real financial life saver if the yields disappoint or the hemp gets damaged by wildfires or floods.
Organize Your Assets
Finally, it is very important for you to fully understand the equipment and assets that will be necessary for your venture into the growth and sale of hemp and/or cannabinoid products, particularly if you decide to go into the production of cannabinoid products alongside your farming endeavor.
There are a number of methods through which cannabinoids can be extracted from Cannabis sativa, and each of these has its own equipment and facility costs. Fortunately, there are a number of burgeoning new companies that produce and sell equipment specially made for the intrepid entrepreneur diving into the field of cannabis farming, such as PDX Gold, who produce all manner of useful merchandise from hydrocarbon extraction equipment to vacuum pump filter equipment.
With your plan of action laid out, your assets sorted, and a license to grow in your possession, you are all ready to enter the business of farming cannabis.
