Farmers in Arizona are filled with excitement as the Arizona Department of Agriculture is gearing up and setting up rules and licensing for those interested to grow the crop. As a new crop that has been the source of CBD, hemp holds a lot of promise to the state as farmers and business entrepreneurs alike can take advantage to earn from flashy dispensaries, hemp farming and selling hemp products.
This enthusiasm for hemp, however, took higher grounds as equity firms would like to prioritize the cash crop over other staple crops like spinach and lettuce.
One of these entrepreneurs is Patrick Horsman who previously purchased 10,000 acres in Yuma County in 2016 devoted for spinach and lettuce. His interest in growing the kitchen staples have waned since hemp’s relevance is growing since the start of the 2018 Farm Bill’s implementation. It can be remembered that the bill decriminalized hemp and CBD in the prohibited list of drugs, and thus the two can now be legally grown in 50 states in the US.
“The Farm Bill has caused a craze in hemp-derived CBD startup activity and new brand and new product activity because companies are looking at a new consumer market where there are no existing dominant brands,” Scott Greiper, president of Viridian Capital Advisor, a middleman between investors and cannabis companies said.
Horsman currently has put up $13 million for his startup, Integrated CBD. He is hoping that his money will grow up to $100 million. Horsman partnered with former hedge fund manager Jason Karp, who will act as an investor and strategic adviser.
Currently, Horsman’s company is getting ready to build the 154,000 square foot extraction facility and its 3,000 acres farm which needs 12 million seeds to start the hemp farming. Operations will start later this year.
Aside from Horsman, another Californian businessman, Bruce Perlowin also saw great potential in growing hemp in Arizona, which he considers a ‘goldmine’ for the place that could bring in large sums of revenue.
Perlowin has already started investing in hemp and has already grown the crop in Oregon and North Carolina. He focused on producing industrial hemp in cleaning up oil spills.
And for Arizona, the businessman already purchased about 545 acres of farmland near Kingman. This is where he envisioned to create a ‘hemp village’ and is planning to hire the services of veterans.
Why are veterans working for his farm? Perlowin said that giving them this employment opportunity is a way to give back for their services to the country. He also aimed to help them cope with PTSD by providing additional counseling services as one of the perks in working in his company. He may also give them the chance to own some stocks later on.
Meanwhile, Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry is also eyeing Oklahoma to be its center for commercial production of industrial hemp. This move is in accordance with SB 868 which “authorizes the state Department of Agriculture to take develop and administer a production program under the 2018 federal farm bill.”
This bill will take Oklahoma to the next level from being a participant in the government’s current pilot program to a new and exciting business venture.
The approval of the bill will open the doors for more opportunities for Oklahoma, not just as a site for hemp research b universities and college but also as a source of opportunities for hemp farmers, as well as hemp processors moving into the state to conduct business.
Hemp Incorporated is looking forward to establishing partnerships with Oklahoma locals in establishing a processing center in the state. The company envisions that the state will be a fertile ground for hemp farming. They would also like to provide farmers with the appropriate training to successfully grow hemp.