According to a recent study from UConn’s Zwick Center for Food and Resource Policy and Department of Agricultural and Resource Economics, it was determined that in CT farmers who are interested in growing cannabis that qualifies as low-THC 'CBD hemp,' they could earn anywhere between $5k to $12k or more per acre.
Compare that to something like broccoli which is estimated to bring in up to $2k per acre.
Some of the most valuable crops to grow are considered to be:
Already, a growing number of farmers are choosing to start growing something more lucrative for their property spaces, this has prompted some to find out about the benefits of growing cannabis. More specifically they've turned to growing 'hemp' which contains a low level of THC.
Depending on the price that it might be fetching in the local area, farmers might be able to earn even more. Possibly bringing in upwards of $22k per acre or more.
According to the researchers, they insist that the potential profitability for the operation is ultimately going to rely upon the technical abilities of the farmer, as well as other variables like median CBD prices in the market area.
“The ones who make the most money are the ones who can do it most efficiently, produce the best quality, and market it at a premium,.. Farmers know that is how it works no matter what the crop is and they are all trying to produce the best they can. They balance this with the price they expect to be able to get.” - lead researcher J. Jelliffe
Trying to meet the growing CBD demand means that more farmers are going to be needed to help produce the goods needed to make those products.
All around the country today you can find farmers growing cannabis or low thc 'hemp'. Instead of growing kale or grapes for wine, they are embracing the cannabis market and it's great to see. Especially knowing that they might be able to find a more profitable business model for their farm and ultimately a new and better way to improve their lives and their communities.