As cannabis becomes more mainstream, an increasing number of people are looking to get into the hemp-growing business. This can be a lucrative endeavor, but it also comes with its own set of challenges.
Companies that help with banking for cannabis businesses can help you handle the financial aspect of your project, but there are other challenges that you’ll need to consider. Let’s take a look at some of the most common challenges that hemp cultivators need to be aware of and how to deal with them.
Though it’s a versatile plant with many applications, hemp isn’t easy to grow. Farmers who want to cultivate hemp must be prepared to face a unique set of challenges. Here are 5 of the most common difficulties associated with hemp cultivation:
Hemp is a sensitive plant that requires just the right mix of sunlight, nutrients, and water – too much or too little of any one of these elements can severely impact growth. This makes it tough for farmers to get their crops off to a strong start, and even experienced growers can find it challenging to keep their plants healthy throughout the season.
Because hemp is such a delicate plant, it’s especially susceptible to pests and diseases. Insects like aphids and mites can quickly decimate a hemp crop, while fungal diseases like powdery mildew can destroy plants in a matter of days. Farmers must be vigilant in their efforts to protect their plants from these.
Hemp plants are also very competitive, which means they can easily crowd out other plants in the field. This can pose a serious problem for farmers trying to grow other crops alongside hemp, as the hemp will quickly overtake them. Additionally, weeds can quickly take over a hemp field if they aren’t kept in check, further compounding the problem.
Because of all the challenges that come with growing hemp, the plant is quite labor-intensive. Farmers need to be prepared to put in long hours during planting and harvesting season, as well as throughout the growing season when they’ll need to tend to their plants on a daily basis. These plants can grow up to 16 feet tall, so farmers need to be prepared to do a lot of bending, stooping, and lifting.
Given how new the hemp industry is, there’s still a lot that farmers don’t know about growing this crop. They’ll need to do their research and be willing to experiment in order to find what works best for their operation. This learning curve can be costly and time-consuming, but it’s necessary if farmers want to be successful in this new venture.
Despite the challenges that come with growing hemp, many farmers are finding that the rewards outweigh the risks. This is a versatile crop with a wide range of applications, making it an attractive option for diversifying operations.
In recent years, hemp has become best known for its Cannabidiol (CBD) content. CBD is a non-psychoactive compound that offers a host of possible health benefits, from reducing anxiety and inflammation to relieving pain and promoting sleep.
As a result, CBD-infused products have become increasingly popular, with sales expected to keep increasing. As the market for CBD continues to expand, hemp is likely to become an increasingly valuable crop for farmers around the world.
With proper planning and execution, growers can overcome the obstacles associated with cultivating this valuable plant and reap the economic benefits of CBD production.
When looking for a banking partner, it’s important to choose wisely. If you’re a cannabis business owner in need of cannabis-friendly banking services, look no further than Green Leaf Business Solutions. We offer access to affordable and efficient financial services that can help you navigate the complexities of the financial aspect of this industry.
With our experience and dedication, you can start your own hemp farm, a cannabis dispensary, or another cannabis-related business with ease. We’ll show how to work around the difficulties that commonly arise in running any business involving cannabis farming, sales and distribution. Contact us today to learn more about our services!