The latest report by Jeremy Jelliffe, an agricultural and development economist states CBD hemp can let farmers of Connecticut collect around $12,000 per acre.
For the first time, the report studies were about the costs and revenue for CBD hemp in the state. The farmers are enthusiastic to cultivate hemp to meet the industrial demand of CBD.
Jelliffe says that there was a need for relevant data for the farmers. It is the reason why Connecticut authorized the pilot program to cultivate hemp-derived CBD. Therefore, the focal point of this report revolves around the economic feasibility of CBD hemp farming.
As hemp is a new crop for the farmers, they should be aware of with best practices to sustain economic feasibility. Keeping this into account, the report provides complete data in regards to the crop including the expenses of the startup, cultivating the crop and possible returns.
Jelliffe alongside other researchers presents some different kinds of cultivating practices for the farmers such as plasticulture, fencing, drip irrigation etc. In short, the team tries to give detailed and factual data to the growers.
Moreover, the team of researchers expects that it takes nearly $19,000 per acre to cultivate hemp. On the basis of the current local price, farmers are anticipated to earn $24,375 proceeds per acre.
Ultimately, researchers depict that the success of this venture will be depending on the technical abilities of the growers and CBD prices. Farmers who work efficiently while making the finest quality of CBD are going to succeed the most.
Jelliffe is confident that her report will be very beneficial for the farmers and will bring great profitability to them who are enthusiastic to know the optimal ways to cultivate the crop.
Hemp-derived CBD is the most preferable type of CBD as it doesn’t contain much of THC. Hemp oil is not the same as CBD. CBD oil is extracted from the whole plant including its stalks and flowers whereas hemp oil is extracted from the seeds of the plant.