Louisiana Will Soon Join The Booming Hemp Industry In 2020
Are we one step closer to legalized weed?
During recent years, there has been a major boom in the CBD markets, giving way to other marijuana-adjacent products, including other strains of CBD, CBG and the originator, hemp. Louisiana will be one of the latest states to offer farming licenses to farmers looking to grow the very profitable plant. With the Louisiana hemp laws getting a needed update in a couple of months, maybe this will be your next major money maker.
Hemp is sort of like the sister to marijuana — the less psychedelic, more useful sister, actually. Hemp does create THC (the active cannabinoid in marijuana that gets people high) but not enough to create the same effects.
Therefore, the plant, flower, stalk, and seed of hemp are used for more industrial uses. Without listing the myriad of possibilities, hemp can be used for paper, clothing, fabrics, building materials and more.
With this large mix of possible items from such a cheap plant, the profitability options are high. This past April, a Houma-based company bought a printing facility to be used as a CBD extraction facility.
This CBD extraction will be used to create hundreds of therapeutic products including oils, lotions, tinctures, and salves.
Legislation in Louisiana is similar to most Southern states when it comes to the plant. Even in Georgia, a county needed tobecause cops couldn't tell the difference between hemp (which is legal) and marijuana.
The new company and facility, Courier Labs, will assist Louisiana farmers in their beginner shipments of hemp until they are able to produce the plant with their own seeds.
Courier is planning on spending millions of dollars to see this plan through, with hopes that profits and product creation will alleviate some of the losses taken by the downfall of the oil industry in the state.
While licenses are currently being applied for and delved out by the Louisiana Department of Agriculture, there are still obstacles farmers will face while growing the hemp. For instance, farmers will need to keep the THC levels below 0.3% or the entire crop will be destroyed by State regulators.
Even with the hoops farmers will need to jump through to be able to grow and sell the hemp, the money is there for the taking. Farmers are estimated to begin farming new crops starting late 2020.