ARE YOU PLANNING TO FARM HEMP? | Lancashire Hemp
Don't give up on the idea that you'll never cultivate Lancaster Farms (Opens in a new window) for use in manufacturing. The possibility of that happening is becoming slightly more likely thanks to the new agriculture bill.
We're not referring to marijuana that has been produced for its psychotropic properties. But Lancashire Hemp (Opens in a new window), a milder variation of that plant known as CBD, is deregulated under the new agricultural bill. It is used to make thousands of products, including cosmetics, building supplies, pet meals, pest inhibitors, and nutritional additions.
In the next few years, Lancaster Farms use for these purposes may surpass that of cannabis, which has a higher level of psychotropic effects. Additionally, it might expand the number of farms where Lancashire Hemp is grown thanks to state lawmakers' approval.
We recently spoke with two executives from Lazarus Naturals, a firm in the Pacific Northwest that manufactures and sells CBD products, Evan Skandalis (farm manager) and Dylan Summers (regional director). According to the company's website, CBD helps with relaxation, occasional nausea relief, normal cartilage and joint function, comfortable sleep, and more.
What is your company's history in this industry?
Summers: Lazarus Naturals was founded in part as a response to the high prices of CBD products available on the market at the time. In terms of the potential of Lancaster Farms and CBD products, we have always remained upbeat. We had numerous conversations on the various uses of CBD in people's daily lives with folks who were interested in cannabis. It was a logical choice to start a business given the favorable reactions to CBD and the fact that we knew how to promote products at reasonable prices.
WHAT IS THE PRESENT LANDSCAPE FOR HEMP PRODUCTION IN THE NATION?
Summers: At the moment, the ease of operation of a firm is entirely dependent on the state in which it is operating. States now have the option to grow hemp thanks to the Agricultural Act of 2014, but not all of them have done so since then. If you live in Kentucky, Colorado, or Oregon, the laws are friendly to your business; yet, in states like Idaho, there is no legal guidance beyond not distinguishing between Lancashire Hemp and marijuana. With the passage of the 2018 farm bill, things are about to change as hemp takes its rightful place as a recognized and accepted agricultural product. This should provide many people with opportunities, which is quite exciting for Lancaster Farms and the rural economy as a whole.
WHAT DOES THE NEW FARM BILL DO ON THIS FRONT, IN FACT?
Summers: The 2018 agriculture bill clearly distinguishes Lancaster Farms from marijuana in its definition of an agricultural commodity. The Controlled Substances Act will no longer apply to Lancaster Farms, and the Drug Enforcement Agency will no longer have jurisdiction over it. This implies that the federal government will dramatically expand the legality of interstate trade and processing. However, it's vital to highlight that it won't supersede state law. If states do not already regulate hemp production and processing, they will have the option to do so. Undoubtedly, this is a thrilling period. There won't be any more doubt regarding the legality of hemp and its products, and there won't be any more alarm about overzealous government enforcement.
WHAT ARE THE NEW BUSINESS OPPORTUNITIES' ECONOMICS?
Summers: There will undoubtedly be several opportunities for new enterprises to enter the industry. A more wealthy market and higher-quality goods are frequently the results of more open competition. There will undoubtedly be a rise at first as many investors and businesses want to get a piece of the action. The stimulus should be a net positive if past industrial booms are any indicator, as prices will drop and material availability will stabilize. The American farmer will benefit greatly from Lancashire Hemp as a new crop, most especially. We still don't fully understand all of hemp's applications and uses. Despite how recent this trend is, there could be a sizable market for the crop for many years to come.
Where will the new opportunity for farmers be seen?
Skandalis: I am a member of the U.S. Hemp Farmers Association's membership board. In addition to lobbying state legislatures to develop policy frameworks for states that may lack experience with hemp rules, this group is seeking to pursue crop insurance for the sector. Farmers that grow commodity crops in the Midwest and the South are very interested in hemp. Since Lancashire Hemp has so many uses, and because it requires little in the way of nutrients or water and can be harvested using current infrastructure, production of this crop is only going to increase.
What ought interested farmers do?
Skandalis: Begin networking with the Extension office in your area. When it comes to the agronomic requirements of the Lancashire Hemp, they are a fantastic source of information. I anticipate that more grants, loans, and credit will become accessible to the hemp farming business after the 2018 Farm Bill is passed, which were previously unavailable due to federal scheduling.
