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Industrial Hemp Secrets: Opportunity
Episode 004
August 19 2023
Industrial Hemp Secrets: Discover the Benefits, Opportunities, Challenges, and Obstacles Every Smart Hemp Entrepreneur Should Know
Today we're digging into the immense potential of industrial hemp.
In this episode we describe:
The history of industrial hemp
The benefits of hemp
The many innovative ways of using hemp
11 Reasons NOT to get into the Industrial Hemp Business
(including Challenges and obstacles entrepreneurs have to deal with)
11 Reasons to get into the Industrial Hemp Business
(including Trends and Opportunities to take advantage of)
Are you ready to think outside the hemp box?
Subscribe to Podcast
Guest Resources
EcoScaleRadio – A podcast that explores the intersection of entrepreneurs, climate change, and regeneration.
This podcast is a deep dive into the many ways business owners can innovate, implement, and scale solutions we can use to get our way out of this climate change mess and help regenerate the environment.
Value Bombs
1) Hemp provides an estimated 25,000 product applications across dozens of industries
2) THC levels of Industrial Hemp must be less than 0.3 percent, compared to marijuana which has THC levels between 3 to 30 percent.
3) Industrial Hemp has climate-related benefits.
4) Hemp can be used to produce textiles, paper, construction materials, bioplastics, cosmetics, food, and more.
5) Every part of the Hemp plant can be used — stalks, seeds, leaves, and flowers.
6) There is promising research indicating that Hemp fibers can be used to produce low-cost, high-performance, and more eco-friendly batteries compared to conventional materials.
7) Industrial Hemp can be useful for bioremediation, which is the process of using plants to absorb and remove pollutants and contaminants from soil or water. As a phytoremediator, hemp could potentially benefit hundreds of thousands of contaminated fields around the world.
8) 11 Reasons NOT to get into the Industrial Hemp business.
9) 11 Reasons to get into the Industrial Hemp business.
10) Seven promising and impactful Hemp business opportunities
Sponsors
This episode is brought to you by Audible.
Audible: Audible is the leading producer and provider of audiobooks.
Finding the opportunity to read can be a challenge. Many people rely on audiobooks when they don’t have time to read. An audiobook allows you to listen to the latest bestseller, learn a new skill, and gain new insights, while commuting, cooking dinner, or cleaning up the house.
I recommend listening to the following books:
This episode is brought to you by Audible.
Audible:
Audible is the leading producer and provider of audiobooks.
Finding the opportunity to read can be a challenge. Many people rely on audiobooks when they don’t have time to read. An audiobook allows you to listen to the latest bestseller, learn a new skill, and gain new insights, while commuting, cooking dinner, or cleaning up the house.
I recommend listening to the following books:
Cradle to Cradle: Remaking the Way We Make Things
by William McDonough
"Reduce, reuse, recycle," urge environmentalists. In other words, do more with less in order to minimize damage.
William McDonough and Michael Braungart argue in this provocative book that this approach perpetuates a one-way, "cradle to grave" manufacturing model that dates back to the Industrial Revolution, a model that casts off as much as 90 percent of the materials it uses as waste, much of it toxic.
They challenge the notion that human industry must inevitably damage the natural world.Why not take nature itself as our model?
A tree produces thousands of blossoms in order to create another tree, yet we do not consider its abundance wasteful but safe, beautiful, and highly effective.
"Waste equals food" is the first principle the book sets forth.
Products might be designed so that, after their useful life, they provide nourishment for something new - either as "biological nutrients" that safely re-enter the environment or as "technical nutrients" that circulate within closed-loop industrial cycles without being "downcycled" into low-grade uses (as most "recyclables" now are).
Elaborating their principles from experience redesigning everything from carpeting to corporate campuses, the authors make an exciting and viable case for change.
Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries
by Safi Bahcall
Washington Post's "10 Leadership Books to Watch for in 2019", Adam Grant's "19 New Leadership Books to Read in 2019", Inc.com's "10 Business Books You Need to Read in 2019",
Business Insider's "14 Books Everyone Will Be Reading in 2019"
“This book has everything: new ideas, bold insights, entertaining history, and convincing analysis.
Not to be missed by anyone who wants to understand how ideas change the world.” (Daniel Kahneman, winner of the Nobel Prize and author of Thinking, Fast and Slow)
What do James Bond and Lipitor have in common?
What can we learn about human nature and world history from a glass of water?
In Loonshots, physicist and entrepreneur Safi Bahcall reveals a surprising new way of thinking about the mysteries of group behavior that challenges everything we thought we knew about nurturing radical breakthroughs.
Drawing on the science of phase transitions, Bahcall reveals why teams, companies, or any group with a mission will suddenly change from embracing wild new ideas to rigidly rejecting them, just as flowing water will suddenly change into brittle ice.
Mountains of print have been written about culture.
Loonshots identifies the small shifts in structure that control this transition, the same way that temperature controls the change from water to ice.
Using examples that range from the spread of fires in forests to the hunt for terrorists online, and stories of thieves and geniuses and kings, Bahcall reveals how this new kind of science helps us understand the behavior of companies and the fate of empires.
Loonshots distills these insights into lessons for creatives, entrepreneurs, and visionaries everywhere.
Over the past decade, researchers have been applying the tools and techniques of phase transitions to understand how birds flock, fish swim, brains work, people vote, criminals behave, ideas spread, diseases erupt, and ecosystems collapse.
If 20th-century science was shaped by the search for fundamental laws, like quantum mechanics and gravity, the 21st will be shaped by this new kind of science.
Loonshots is the first to apply these tools to help all of us unlock our potential to create and nurture the crazy ideas that change the world.
What's Your Problem: To Solve Your Toughest Problems, Change the Problems You Solve
by Thomas Wedell-Wedellsborg
Are you solving the right problems?
Have you or your colleagues ever worked hard on something, only to find out you were focusing on the wrong problem entirely?
Most people have.
In a survey, 85 percent of companies said they often struggle to solve the right problems.
The consequences are severe: Leaders fight the wrong strategic battles.
Teams spend their energy on low-impact work.
Startups build products that nobody wants. Organizations implement “solutions” that somehow make things worse, not better.
Everywhere you look, the waste is staggering.
As Peter Drucker pointed out, there’s nothing more dangerous than the right answer to the wrong question.There is a way to do better.
The key is reframing, a crucial, underutilized skill that you can master with the help of this book.
Using real-world stories and unforgettable examples like “the slow elevator problem,” author Thomas Wedell-Wedellsborg offers a simple, three-step method - Frame, Reframe, Move Forward - that anyone can use to start solving the right problems.
Reframing is not difficult to learn.
It can be used on everyday challenges and on the biggest, trickiest problems you face.In this visually engaging, deeply researched book, you’ll learn from leaders at large companies, from entrepreneurs, consultants, nonprofit leaders, and many other breakthrough thinkers. It’s time for everyone to stop barking up the wrong trees.
Teach yourself and your team to reframe, and growth and success will follow.
Show Notes - Transcript
You know how there are those who say "there's more than one way to skin a cat," which translates roughly to "there is more than one way to do something," right?
Well these days when it comes to hemp, you could say there’s more than one way to skin Industrial Hemp.
Some say Hemp provides an estimated 25,000 product applications across dozens of industries like textiles, automotive, food/beverage, health products, and construction.
I’m not sure if the actual number is higher or lower than 25,000 but I do know there’s a lot of ways to skin hemp. Skin hemp, use hemp, you know same difference.
Guess what, today’s episode uncovers Industrial Hemp Secrets. We’ll discover the Benefits, Opportunities, Challenges, and Obstacles Every Smart Hemp Entrepreneur Should Know before they start an industrial hemp-based business.
Are you ready to start an Industrial Hemp based business?
Are you interested in finding out how you can profit from the Hemp Plant's Many Uses?
Good. Let’s dive in.
For starters let’s get something straight…
What’s the Difference Between Industrial Hemp or Marijuana?
Marijuana and industrial hemp are different varieties of the same plant species, Cannabis sativa L.
Hemp, also called industrial hemp, contains very low levels of THC and cannot be used for psychoactive purposes. It won't get you high.
Government regulations require that the THC levels of industrial hemp be less than 0.3 percent, compared to marijuana which has THC levels between 3 to 30 percent.
Hemp is legal to grow in the U.S., but only a few states have operating industrial hemp growing programs that fit USDA guidelines.
Industrial hemp is grown to optimize production of fiber, seed/oil, or other non-THC cannabinoids like CBD (cannabidiol). It has no value as a recreational drug.
Uses of industrial hemp include fibers for textiles, paper, construction materials; hemp seed/oil for food, cosmetics and plastics; cannabinoids for health supplements and medical applications.
Hemp is non-psychoactive, loosely regulated, legal in most countries.
Marijuana is psychoactive, well regulated, and illegal in most countries.
Chapter 1: Your Grandparents' Hemp
It’s time for a short history lesson.
Let’s talk about the history of hemp.
For hundreds of years, hemp has been grown to make everything from building materials to textiles.
When many people think of hemp in the days of their grandparents and before that, they think of the ropes and canvas sails used on ships for hundreds of years.
Fun Fact: The reason hemp has been used for ropes and sails on ships is because it is salt resistant.
But the history of hemp actually goes way back. Way before your grandparents were born.
Here’s some hemp history I bet you didn’t know.
Hemp is one of humanity’s oldest domesticated crops used for fiber and food,
There are records of hemp farming dating over 4,000 years ago in China.
The ancient Greeks and Egyptians made their clothing from hemp.
Around 800 BCE hemp was brought to Britain from Asia
Hemp was used by Henry VIII’s naval fleet to construct battleships and their components, such as sails, ropes, and rigging.
Hemp was even used for their maps and the sailors’ clothes.
Hemp was in such high demand that during Henry VIII’s reign, it was compulsory to cultivate 15 acres of hemp for every 60 acres of land.
Around 1453, The Gutenberg Bible was printed on hemp paper.
In 1545, The Spaniards brought hemp to the Americas and cultivated it in Chile
Hemp has a long history in the United States.
In 1619, The first Virginia House of Burgesses passed an Act requiring all planters in Virginia to sow "both English and Indian" hemp on their plantations.
The Declaration of Independence is said to have been drafted on hemp paper
George Washington, one of the founding fathers of the US, grew and traded in hemp for its many uses.
Thomas Jefferson bred improved hemp varieties.
Abraham Lincoln used hemp seed oil to fuel his household lamps.
Hemp was cultivated extensively in the US up until prohibition
In 1937, the passage of “Marihuana Tax Act” regulated the cultivation and sale of all varieties of cannabis, including hemp. What followed is the long history of the public’s misidentification of hemp with marijuana.
In 1938, Popular Mechanics magazine published an article about the potential of hemp as the “new billion-dollar crop.”
In 2014 Industrial hemp became legal to grow in research programs
In the US, the 2018 farm bill removed hemp from the list of controlled substances and established hemp as an agricultural commodity, including a provision for crop insurance for hemp.
While the 2014 and 2018 farm bills cleared federal hurdles for hemp, it is still up to each state to pass laws legalizing the crop and to submit a plan to the United States Department of Agriculture (USDA) outlining the state regulations and laws guiding hemp production,
testing, licensing, and transport.
In 2019, 47 states have enacted legislation to make hemp legal to grow at the state level.
Thanks to the removal of all federal restrictions on the cultivation of industrial hemp.
thanks to a better understanding of hemp’s potential.
thanks to new methods and technology,
A hemp revival is beginning to gain momentum:
OK That’s the history of hemp and that brings us to the present day.
What are the benefits of Hemp? You might ask.
Chapter 2: Hemp's Golden Superpowers (The Benefits of Hemp)
Entrepreneurs can look at hemp for its positive impact on climate and the ecosystem as well as a potentially profitable business opportunity.
Climate-related Benefits of Industrial Hemp
Here are a few of the climate-related benefits of industrial hemp:
Sustainable agriculture - Hemp farming can regenerate soil health. The plant's deep roots reduce soil compaction and erosion. Hemp requires few pesticides. Hemp requires minimal weed control, reducing the need for herbicides. Hemp also uses a fraction of the water needed for cotton. Crop rotation with hemp rejuvenates soil between growth cycles.
Hemp products like textiles, shoes, and housewares can be made using organic practices and bio-based dyes. Brands like Patagonia and Levi's are using hemp for more sustainable clothing lines.
Hemp livestock feed produces nutrient-dense meat, dairy, and eggs while reducing methane emissions by up to 19% in cattle. The Omega-3s in hemp also reduce inflammation in animals.
Hemp homes use energy efficient materials like hempcrete - a natural insulator made from hemp hurds, lime, and water. This promotes energy savings.
Hempcrete breathes, allowing moisture to evaporate (no mold), does not off-gas,
and is avoided by termites. It’s non-toxic and lightweight.
Hemp insulation outperforms fiberglass insulation in thermal resistance and moisture control. This promotes energy efficiency in green building.
Hemp food products deliver protein, vitamins, minerals, fiber, and healthy fats. Shelled hemp seeds contain up to 35% protein, surpassing soybeans.
Composite boards made with hemp fiber use less glue or toxic chemicals than wood-based composites. Hemp board also weighs less, reducing transportation emissions.
Additional Benefits of Hemp
Hemp offers many more benefits including:
Alternative materials - Hemp can be used to produce textiles, paper, construction materials, bioplastics, cosmetics, food, and more. It's a renewable resource that could replace many less sustainable materials derived from fossil fuels.
Health products - Hemp seeds and oils provide healthy fats, protein, and other nutrients. The plant shows promise for uses in health supplements and medicinal applications.
Economic growth - A hemp industry provides agricultural and manufacturing jobs, often in rural areas. It creates opportunities for new businesses catering to this market.
Hemp plastic and composites can be entirely biodegradable and require less energy to manufacture than traditional plastics. Brands like Mercedes-Benz are using hemp in car interiors.
Hemp paper production uses less chemicals, water and energy compared to wood paper. An acre of hemp can produce 4 times the paper fiber of an acre of trees.
As a crop, industrial hemp is sustainable, low maintenance and incredibly versatile. It can even thrive in infertile soil conditions and be used for crop rotation to regenerate soil, because of its ability to cleanse the soil.
In a world full of disposable, single-use, synthetic, and environmentally damaging products and processes, hemp could turn out to be a major player in our transition from the "plastics age" to the “Sustainable age”.
With its environmentally-friendly cultivation and versatile uses, hemp offers clear synergies for entrepreneurs pursuing both sustainability and profitability.
Chapter 3: Innovative Uses of Hemp
Since every part of the plant can be used — stalks, seeds, leaves and flowers — industrial hemp has wide-reaching growth potential that is now beginning to be embraced and used.
Hemp plant has many innovative uses.
Textiles: Fabric, yarn, clothing, bags, shoes, accessories, home goods
Technical Textiles: Rope, canvas, twine, Geotextiles, biocomposites, compression molding
Building Materials: Hempcrete, insulation, particle board, fiberglass substitute, stucco & mortar
Industrial Products: animal bedding, mulch, soil amendment, chemical absorbent, cat litter, boiler fuel
Paper: Specialty paper, tea bags, coffee filters, greeting cards, cardboard, tissue, filters, packaging
Food & Beverage: Seeds, milk, protein powder
Personal Care: Soaps, lotions, shampoo, lip balms
Industrial Uses: Oil paints, varnishes, cooking oil, lubricants, coatings, inks, bioremediation
Bioplastics: Packaging, auto parts, bags, straws, composites. The cellulose from hemp stems can be used to make bioplastic. Hemp plastic can be biodegradable and compostable. Compared to plastic made from fossil fuels, hemp plastic is a carbon-negative renewable resource.
Eco-friendly Batteries: There is promising research indicating that hemp fibers can be used to produce low-cost, high-performance and more eco-friendly batteries compared to conventional materials.
Decontamination of soil including radioactive soil: Industrial Hemp can be useful for bioremediation, which is the process of using plants to absorb and remove pollutants and contaminants from soil or water. As a phytoremediator, hemp could potentially benefit hundreds of thousands of contaminated fields around the world. The use of hemp for Phytoremediation to decontaminate radioactive soil is becoming one of the most important areas of research today.
Chapter 4: 11 Reasons NOT to Get Into The Industrial Hemp Business (Challenges and obstacles entrepreneurs deal with)
Before an entrepreneur considers getting into the industrial hemp business, they might consider the following challenges and obstacles.
Here are 11 reasons why NOT get into the hemp business:
1) Volatility and uncertainty remain in this new, developing industry.
For example, the supply chain infrastructure needs maturing. Sourcing seeds, inputs, transportation, storage, processing equipment and distribution channels for hemp involves piecing together various fragments of an emerging supply chain. Hemp-based consumer products
are still emerging.
2) Intense competition from influx of new companies and products.
3) Oversupply and declining prices squeezing profit margins.
Hemp fiber and grain sectors have struggled recently with oversupply, lack of processing infrastructure, and falling prices, can make profits difficult.
4) Significant agronomic learning curve for optimal hemp farming.
Limited Yield Data. Hemp farmers are still optimizing cultivation practices specific to different regions, climates and soil types. Inconsistent yields make costs and revenues unpredictable.
5) Compliance challenges as regulations continue to evolve.
Navigating the licensing, permitting, registration and reporting required for legal hemp cultivation takes time and legal resources.
Regulations vary by state and are still evolving. In some areas, hemp farming regulations limit the size of grow operations. Regulation changes slowly while the industry is proving itself. Restrictions on hemp-derived products also persist.
6) Banking limitations and difficulty getting financing in some cases.
Banks and traditional lenders are often reluctant about financing hemp ventures due to cannabis' formerly illegal status. Newer specialty lenders are slowly emerging.
7) Lack of infrastructure and accessible processing facilities in many regions.
New equipment and facilities are needed to process hemp into usable fibers, textiles, oils, building materials, etc. This requires significant investment to scale the industry.
8) Risk of low ROI if products don't successfully reach markets.
9) Complexities of crop insurance, permitting, marketing, and distribution.
Insurance difficulties. Hemp businesses have historically had trouble obtaining coverage given cannabis' former federal prohibition. Insurance options are slowly increasing.
State policy confusion after the Farm Bill, such as delayed program rollouts and licensing backlogs, have hampered early growth and momentum.
10) Scaling production and processing requires major capital investment.
Currently hemp-based products are often more expensive than alternatives like cotton, wood, or plastic derived from fossil fuels.
The higher costs are due to small scale production and a lack of processing infrastructure. The costs could come down with larger scale hemp cultivation.
11) No guarantee of long-term consumer demand as substitutes continue to emerge.
Key Obstacles to Consider
An entrepreneur entering the industrial hemp space should consider the following key obstacles:
High startup costs - Startup costs can be daunting. Farming and extraction look highly profitable but very capital intensive. The specialized equipment for planting, harvesting, processing and manufacturing with hemp requires major capital investment. Acquiring land suitable for hemp also requires significant funds.
Lack of R&D data - Research on hemp applications for food, medicine, textiles, building materials and more requires significant investment over time to properly develop and commercialize.
Marketing challenges (stigma) - The hemp industry still faces misconceptions about ties
to marijuana. Consumer education is needed on the sustainability merits and verified uses.
The 2018 Farm Bill's removal of hemp from the federal Controlled Substances Act led
many farmers to grow hemp for CBD extraction. But this cannabinoid-focused boom
came at the expense of food and fiber markets.
Ongoing uncertainties around FDA regulation of CBD have depressed investment in hemp
businesses and caused financial difficulties. Banking limitations also constrain the industry.
Data indicates the total acreage planted for hemp dropped substantially in 2020 compared to the peak in 2019, suggesting decreased participation in the current challenging business climate.
So in summary, even with these real obstacles, long-term optimism remains if the industry can weather the volatility and regulatory uncertainty of this nascent stage. Targeted policy and investment support could help accelerate hemp's development.
Do Your Homework
To be successful hemp farmer and entrepreneur you will need to do a lot of homework and preparation to produce and market your crop.
You need to keep tabs on every link in the supply chain. Changes in the market can wipe out businesses you are working with upstream and downstream.
Your homework needs to include knowing:
who you will buy from
who you will sell to
how well they are set up financially.
Just because they’re in business today, it doesn’t mean they’ll be in business tomorrow.
The Downside of an Unstable Immature Supply Chain
Is hemp just another overhyped boom/bust niche agricultural product?
There is definitely demand for industrial hemp, but is the current trajectory of the industrial hemp market comparable to the overhyped boom/bust market for emus, ostriches, Jerusalem artichokes, and Aronia berries?
There are some parallels that suggest it could be:
Initial hype and excitement around the prospects of hemp drove excessive production,
flooding developing markets. This parallels early oversupply issues in those other crops.
Lack of processing infrastructure and immature markets unable to absorb hemp output
mirrors challenges other niche crops faced.
Insufficient research and planning around realistic market demand contributed to
overproduction of those alternative crops, similar to hemp.
Prices dropped rapidly in those cases when supply greatly exceeded demand, just as
occurred in recent hemp markets.
Without coordination between producers and buyers, growers overplanted on speculation
despite lacking guaranteed sales. This happened in both previous cases and hemp currently.
Other novel crops saw participation rapidly decline after initial excitement as profits proved unsustainable. Hemp acreage also dropped sharply reflecting disenchantment.
So in summary, there are reasonable analogies suggesting hemp could follow a boom-to-bust arc comparable to some other agricultural commodities that were overhyped. To prevent a boom/bust scenario, more infrastructure and mature regulations are needed to stabilize and grow the diverse hemp economy.
Chapter 5: 11 Reasons to Get Into The Industrial Hemp Business (Trends and Opportunities to Take Advantage of)
There are some key reasons an entrepreneur might want to enter the industrial hemp business.
Here are 11 key reasons an entrepreneur should get into the industrial hemp business:
1) Rapidly growing market as hemp applications expand.
2) New opportunities to innovate hemp-derived products and services in a rapidly developing
industry.
3) Hemp offers sustainability benefits that appeal to many consumers.
4) Declining hemp material prices improves access and affordability.
5) Changes in regulations make hemp businesses easier to operate.
6) Versatile crop with many end uses from textiles to food to nanomaterials to construction
to beauty products, and more.
7) Hemp cultivation can help improve soil health and environmental stewardship.
8) Ability to play a role in shifting away from petroleum-based goods.
9) Commercial uses beyond CBD extraction remain underdeveloped.
10) Opportunity to build expertise and first-mover advantage in a nascent field.
11) Potential for hemp to disrupt industries from construction to energy if adoption accelerates.
Seven Promising and Impactful Business Opportunities
Based on the current state of the industrial hemp industry, some of the most promising and impactful business opportunities seem to be:
Hemp cultivation – By becoming a licensed hemp farmer, you can take advantage of this rapidly growing agricultural market. Focus on efficiency, yields, and environmental sustainability.
Hemp food products - Hemp seeds, protein powders, milks, and oils are great sources of nutrients. Developing innovative consumer food products and marketing the sustainability merits could be lucrative.
Bioplastics manufacturing - Hemp plastic alternatives require processing investments but have major growth potential. Leverage hemp's properties for specific applications like packaging, auto parts, etc.
Green building materials - Hemp insulation, particle boards and hempcrete offer energy efficiency. Partner with sustainable builders and position yourself as a premium eco-friendly building material.
Industrial clothing - Hemp fabric has antifungal and moisture-wicking properties. Develop patented textile products for industries like apparel, furnishing, industrial workwear.
Animal feed - Hemp as livestock feed boosts immunity and reduces methane emissions. Partner with ranchers and market it as an environmental solution.
Consulting services - Offer your consulting services to support hemp growers, processors, manufacturers, and policy. Advise on operations, technology, compliance and sustainability best practices.
The most capital-light path may be a consulting, marketing, or distribution model that supports the infrastructure needed to scale hemp production and use.
Directly cultivating, processing or inventing hemp products can be highly rewarding but requires significant startup investment. Conduct detailed market research to determine the opportunity with the best competitive advantage and profitability.
Suggestions for Entrepreneurs
Additional Suggestions for entrepreneurs who want to enter the industrial hemp business:
Focus on efficiency, sustainability, and vertical integration in growth, processing, and production.
Focus on ingredients, materials supply, specialty processes, and product innovation to fill supply chain gaps.
Leverage hemp's "Whole Plant" solution narrative for branding and marketing.
Partner with clients ready to embrace hemp alternatives like Patagonia, Ben & Jerry's and even auto brands.
Hemp's use in phytoremediation to clean up contaminated soil and water is another promising sustainability application.
Consumer adoption - Mainstream consumers are accustomed to cotton, petroleum-based plastics, etc. Education of the benefits of hemp is still needed for hemp products to gain widespread adoption and market share across industries.
The immense potential of industrial hemp will definitely spur a new generation of sustainable businesses.
Build Public-Private Partnerships
Build partnerships between hemp businesses, farmers, manufacturers, and the USDA seems a prudent strategy going forward to enable growth.
Public-private collaborations and initiatives can help drive infrastructure development,
research, and market expansion in the fiber and grain sectors. This will be important to counter the ongoing impacts of cannabinoid-focused regulation on the wider hemp industry.
Leveraging hemp's many non-CBD applications and benefits is key to realizing its full economic potential.
In summary, proactive industry organization and public sector collaboration is important. Executed effectively, such an approach could significantly strengthen the hemp fiber and grain markets through targeted investments and policy reforms.
Build Producers and Manufacturers Partnerships
Build partnerships between producers and manufacturers.
“Focus on the entire supply chain.”
Greater coordination between manufacturers and farmers in the industrial hemp industry could provide important mutual benefits such as:
Manufacturers securing reliable, consistent supply from hemp producers will give them
confidence to invest in scaling up processing infrastructure and product development.
Knowing reliable buyers exist supports farmers in planting adequate acreage each season
without oversupply risks. This facilitates market stability.
Clear demand signals and contracting between manufacturers and growers helps
stabilize pricing, avoiding volatile swings that have previously plagued hemp markets.
With supply assurances, manufacturers can better plan multi-year business growth,
new product introductions, and infrastructure expansion.
Farmers can plant with confidence in crop revenue, avoid unprofitable overproduction,
and reinvest in their operations.
Overall coordination provides reliability and predictability that is currently lacking
in the nascent hemp industry, benefiting all links in the supply chain.
This will accelerate profitable growth in the sector and realization of hemp's
potential across diverse markets from textiles to food to construction.
In summary, increased coordination through strategic partnerships between manufacturers and producers is an important factor to stabilize and mature the industrial hemp supply chain for optimal future growth.
Conclusion (What Next?)
OK, in conclusion, what’s next?
We have a chance to do something that’s insanely impossible.
We have a chance to have a huge impact on the quality of life for generations to come.
We have a chance to do whatever we can to innovate and implement solutions large and small that will slow down and reverse Climate Change and regenerate the environment.
We must do what we can to avoid rising sea levels, biodiversity collapse, climate breakdown, and so much more.
It won’t be easy.
The challenges are enormous.
We will need to overcome incredible odds.
Victory is uncertain.
But this work must be done.
For the sake of future generations and for the health of this planet.
One giant step entrepreneurs can make in this regard, is to do what they can give birth to new eco-friendly industries like industrial hemp and do what is needed to help it mature and stabilize.
The opportunities that industrial hemp offers are immense.
Working with industrial hemp allows an entrepreneur to align profits with stewardship. To do good and do well simultaneously.
Hemp enables entrepreneurs to create climate-friendly businesses that regenerate living systems, nourish communities, and foster the circular economy.
Industrial hemp presents a tremendous opportunity for ambitious entrepreneurs seeking to make positive environmental impacts and create profitable businesses.
With uses across industries like textiles, bioplastics, construction, food, paper, and more, hemp can disrupt outdated conventions that deplete resources.
Industrial Hemp sequesters carbon, enriches soil, requires few chemical inputs and provides renewable alternatives to timber, cotton, plastics, concrete and so much more.
Despite regulatory challenges, supply chain limitations, and stigma, pioneering companies are proving hemp's commercial viability.
The decision on entering this complex, rapidly changing business requires a thorough assessment of one's specific circumstances and capabilities.
Depending on your situation and depending on your tolerance for risk and uncertainty, after listening to this podcast you are either very eager to dive in and get into the industrial hemp business or you just want to run away from it as fast as you can.
So when you weigh the opportunities and risks, when you assess your risk appetite, expertise, and capabilities to navigate the unique challenges and complexities involved in this still-emerging hemp industry, what will you do next?
Dive in or run away?
I wish you the very best if you decide to pursue this further!
Hash Tags
#hemp
#industrialhemp
#Decontamination
#fiber
#hempseed
#hempcrete
#Bioplastics
Killer Resources
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But you don’t feel like you have the time, bandwidth, or capital to do it.
Book a Half-Day Consult with a Business Mentor who can help you leverage strategic acquisitions to acquire the business and traffic assets your business needs.
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