A lot can be said about what CBD has done for hemp farmers. The catch is, not all of it is good depending on who you ask. Successful hemp farmers will tell you it’s been everything they hoped for. It’s a high-value crop that can provide an extra stream of income for farmers looking to diversify.
At the same time, some farmers haven’t had success with growing hemp for CBD. This can be for many reasons, from lack of hemp cultivation experience to not having a buyer lined up in advance of planting. These are two of the most common reasons new farmers fail when attempting to farm hemp for the first time.
National CBD Sales
Market experts reported a decline in CBD sales in 2021 for several different companies. This includes Charlotte’s Web — one of the most prominent CBD companies in the industry — which reported a six percent revenue decline compared to the previous year. [1]
Despite there being a broad spectrum of answers about what CBD has done for hemp farmers, market studies are still suggesting CBD sales may reach as high as $20 billion by 2024. The studies also show a trend of CBD sales being transitioned away from dispensaries. CBD is starting to be sold more in places like pharmacies and grocery stores. This trend is expected to continue as more retail establishments decide to stock CBD products on their shelves. [2]
Opinions of a Hemp Farmer
I can’t speak for all hemp farmers, but as a registered hemp farmer in the state of Missouri, I can speak firsthand about what CBD has done for our farm. We cultivated two varieties of hemp in 2021 for CBD flower. We were one of the first Missouri hemp farms to produce a crop in Cole County.
For our farm, cultivating hemp for CBD flower is helping us research and collect data about farming hemp in Missouri. We’ve selectively shared our research data at state and federal levels to be used in multiple hemp research programs. One of our goals is to use the data we collect to help farmers cultivate hemp successfully in Missouri and other states in the U.S. with similar growing climates.
Given the future forecasts of CBD market sales, it’s clear to see that CBD has the potential to do a lot for hemp farmers. With that being said, there are still a lot of risks new hemp farmers should be aware of before deciding if growing hemp for CBD is right for their farm.
References:
1- Aitcheson, J. CBD Goes Bust in 2021. Green Market Report. 2021. https://www.greenmarketreport.com/cbd-goes-bust-in-2021/ Times Cited: 0 Journal Impact Factor: N/A
2- Dorbian, I. CBD Market Could Reach $20 Billion By 2024, Says New Study. Forbes. 2019. https://www.forbes.com/sites/irisdorbian/2019/05/20/cbd-market-could-reach-20-billion-by-2024-says-new-study/?sh=2077d73d49d0 Times Cited: 0 Journal Impact Factor: N/A
