US Farmers See Profit as CBD Demand Increases
CBD products are now available in drugstores, cafés, pet stores, bars, spas and all over the internet, and farmers are taking notice as they plant hemp to supply the rapidly expanding industry.
According to new data from the U.S. Department of Agriculture, U.S. Farmers more than quadrupled the land planted with hemp in the past year — from 27,424 acres in August 2018 to 128,320 acres today.
Hemp farmers were likely also encouraged by the 2018 Farm Bill, which removed industrial hemp and its extracts from Schedule I of the Controlled Substances Act.
“There are a lot of things you can do on a farm, but there aren’t a lot of things you can do to make money,” said Will Brownlow, a Kentucky farmer who had recently started growing hemp. He said an acre of soybeans could only get him about $500, whereas an acre of hemp could yield as much as $30,000.