Since HEMP is our main commodity focus and the foundation of our proposed product portfolio, FJC presents its overview of what hemp is all about.
Hemp or industrial hemp (from Old English hænep) is typically found in the northern hemisphere; is a variety of the Cannabis sativa plant species that is grown specifically for the industrial uses of its derived products. It is one of the fastest growing plants and was one of the first plants to be spun into usable fiber 10,000 years ago. It can be refined into a variety of commercial items including paper, textiles, clothing, biodegradable plastics, paint, insulation, biofuel, food, and animal feed.[ Although cannabis as a drug and industrial hemp both derive from the species Cannabis sativa and contain the psychoactive component tetrahydrocannabinol (THC), they are distinct strains with unique phytochemical compositions and uses. Thus, hemp has lower concentrations of THC and higher concentrations of cannabidiol (CBD), which decreases or eliminates its psychoactive effects. The legality of industrial hemp varies widely between countries.
There's the "skinny" from tidbits of the database used in the SP+GTM algorithm.
1. Hemp crop produces about 10 percent CBD content and should bring about $25 to $35 per pound. With a yield of about one pound per plant and up to 2,500 plants per acre, that's around $60,000 per acre.
2. 8,000 pounds of hemp seed per acre. When cold-pressed, the 8,000 pounds of hemp seed yield over 300 gallons of hemp seed oil and a byproduct of 6,000 pounds of high protein hemp flour. Seed oils are both a food and a biodiesel fuel.
3. Is hemp extract the same as CBD oil? A: No, Both are made from the same plant though. ... Hemp oil is normally pressed from the seeds of the hemp plant, which means it does not contain the same amount of cannabinoids found in CBD oil or Hemp Extract which are extracted from the whole plant.
4. Hemp grain can sell for anywhere between $0.60-$0.65 per pound, and on average, hemp farmers get about 1000lbs of hemp grain per acre. After taking into account costs, which can range from $300 to $350, farmers can make around $250 to $300 per acre. Similarly, hemp fiber sells for approximately $260 per ton.
5. For cannabis to be considered hemp, it must have no more than 0.3 percent THC. Although CBD oil and hemp oil are both low in THC, the difference in the amount of CBD these products contain is huge. Hemp oil has only traces of CBD (around 3.5 percent,) while CBD oil can have up to 20 percent.
6. While marijuana-derived CBD products do in many cases contain THC, the hemp plant only ever contains a trace amount (<0.3%) of this cannabinoid. ... The most common reason given for being unlikely to buy hemp-derived CBD is that it is “less effective than whole plant or marijuana-derived CBD.”
7. Hemp is typically ready to harvest in four months, and per acre, it produces four times as much paper as trees, which take many years to reach maturity for harvest.
8. Does Hemp grow buds? THC-producing Marijuana must be grown in generally warm and humid environments to produce the desired quantity and quality of THC-containing buds. However, since industrial hemp does not contain these buds, and the hardy parts of the plant are the more desired, it can be grown in a broader range of areas.
9. Is it hard to grow hemp? Industrial hemp grows in long, tightly packed rows on a farm. While there are large-scale uses for hemp, many smaller farms also produce hemp. ... Because hemp plants are required to have such a low amount of THC, many farmers find the most challenging task is finding the proper seed.
10. Which country is the largest producer of hemp in the world? Britain is the world's largest producer of legal cannabis, a new report from the United Nations has revealed. Ninety-five tonnes of marijuana was produced in the UK in 2016 for medicinal and scientific use, accounting for 44.9 percent of the world total.
11. Industrial hemp is now legal in the U.S., which advocates hope could eventually loosen laws around popular marijuana extract CBD. ... The FDA said some hemp ingredients, such as hulled hemp seeds, hemp seed protein, and hemp seed oil, are safe in food and won't require additional approvals.
12. What states are hemp legal in? There are 33 states with laws regulating Hemp include: Alabama, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Oregon, Pennsylvania, Rhode Island, ...
You are required to have a license to grow or process industrial hemp. The grower license allows you to plant and harvest industrial hemp if you register to do so. ... If you are processing the only hemp that you grow, you need only the grower license.
13. What conditions does hemp grow in? Growing Conditions: Hemp prefers a mild climate, humid atmosphere, and rainfall of at least 25-30 inches per year. Good soil moisture is required for seed germination and until the young plants are well established. Weed Control: Industrial hemp is an extremely efficient weed suppressor.
14. How much does it cost to start growing hemp? Farmers should also consider the possibility of needing to buy or rent new harvesting equipment if they grow hemp. In 2016, hemp producers in Minnesota reported costs per acre between $970-$2,500 per acre. In 2017, initial reports indicated production costs of between $300-$600 per acre (does not include land cost).
15. Is it hard to grow hemp? Industrial hemp grows in long, tightly packed rows on a farm. While there are large-scale uses for hemp, many smaller farms also produce hemp. ... Because hemp plants are required to have such a low amount of THC, many farmers find the most challenging task is finding the proper seed.