By Omar Abdallah, Rose Law Group
With the passing of the Farm Bill, the hemp industry is expected to grow substantially. What are the emerging business opportunities that will develop alongside hemp farming?
The passing of the 2018 Farm Bill brings with it a whole new industry. Opportunities exist not only for farmers wanting to grow hemp, but also for all of the accessory businesses necessary to support them. Soon the first cycle of hemp plants will be planted and opportunities for harvesters, transporters, and processors will emerge.
We expect opportunities to emerge in the post-processing and manufacturing of hemp too, since hemp can be used to make a number of commercial and industrial products including textiles, clothing, food, bioplastics, and building materials. According to some sources, hemp can be used in over 25,000 ways, so opportunities are certainly there for entrepreneurs to find them. As the hemp industry develops in Arizona you can count on professionals in insurance, finance, accounting, consulting and legal services to be there to service it.