What to Look Out for When Growing Hemp
There is Growing Interest
People have been growing hemp on a small scale for quite a while, but keep in mind that there’s growing interest among many investors as this is an untapped market. Many hemp farmers don’t realize the competition they’ll have to face and end up going bankrupt in a couple of months. Therefore, it is important to conduct a feasibility study of your operations to realize whether or not you’ll be able to penetrate the market.
Moreover, you need to scale your operations as you grow. Look for ways that can minimize overhead costs and incorporate farming practices that boost yield when cultivating hemp. It is the only way to survive the competition and come out on top.
Do your Homework
Don’t take on this venture blindly. There are a number of considerations to take into account before you start cultivating hemp. These include soil preparation, pest control, irrigation, harvesting, and drying. Make sure that you can do all of these tasks sustainably without losing out on yield.
For example, you may not have the necessary soil pH, drainage, and clay content to begin with. In order to gain a viable yield, you’ll need to prepare the soil such that it exhibits the right contents as well as the texture. Make sure you test your soil beforehand or have the budget, machinery, and manpower to do so.
Nutrition is Important
It’s highly unlikely that the land you choose for cultivation will meet all the necessary requirements for hemp cultivation. Again, testing is important. Taking random samples of the soil for nutrient inspection will determine the quality of your yield. In most cases, the nitrogen, phosphorus, and potassium content need to be controlled if your soil is deficient.
Consider investing in NPK fertilizers if your soil is deficient in all three. You also need to account for any trace elements like iron and zinc, as well as any heavy metals that may be present in your soil.
Sell Before You Sell
Hemp is a perishable good unless you plan to dry your harvest. Even then, you’ll need to monitor and control its moisture content. Hence, it is essential to have your market in place before growing hemp and harvesting it.
Build relationships with those who want to purchase your product so you won’t have to wait after you harvest it. This will also ensure that you have a ready-made market for you once you begin to enter into it. Doing so will help you remain ahead of the competition and prevent your business from falling apart.
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