The four things to know before you grow.
Hemp, the versatile planet from which we extract CBD and manufacture fiber, paper and (believe it or not) food, is taking the market by storm. With demand currently higher than supply, now is the best time to start profiting. But before you start farming the sought-after crop, here are some crucial things you need to know.
1. Get a license.
This is by far the most important step. When President Donald Trump signed the 2018 Farm Act into law (also known as the Agriculture Improvement Act of 2018), it legalized the commercial production of industrial hemp in the United States. But before venturing into cultivation, you have to first obtain a license that gives you the right to grow hemp, although it will not apply to marijuana unless you’re in a state where marijuana is legalized for medicinal or recreational purposes. Just to be on the safe side, make sure you consult a lawyer before applying.
“The legalization and commercialization of hemp comes with regulation the likes of which other agricultural products generally don’t have to deal with. Entrepreneur Magazine recommends seeking qualified legal counsel before embarking on a hemp-related venture, and they are right to do so. Kentucky, where I am also licensed to practice, is at the head of the pack for cultivation and development of hemp products, and I am proud to be able to offer the services of our team at Rose Law Group to drive American innovation in this emerging market.”