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Boom to bust: The rise and fall of Michigan's hemp farming program

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Five years ago, speculators seemed sure hemp was poised to become the next boom crop in Michigan. That's changed. Now the state's hemp farming program is on life support. Dreams of a supply chain able to convert raw hemp into building materials,
The article from MSN discusses the rapid rise and subsequent decline of Michigan's hemp farming industry. Initially, Michigan saw a boom in hemp cultivation following the legalization of industrial hemp in 2018, with farmers and investors drawn by the promise of high profits from CBD oil, which was extracted from hemp. The state issued numerous licenses, and by 2019, Michigan had one of the largest hemp programs in the U.S. However, the industry faced several challenges including a drastic drop in CBD prices due to oversupply, regulatory hurdles, and the complexities of processing hemp into marketable products. Many farmers found themselves with unprofitable crops, leading to a significant decrease in hemp cultivation. By 2022, the number of licensed hemp growers in Michigan had plummeted, reflecting a broader national trend where the initial enthusiasm for hemp farming gave way to economic realities, leaving many in the industry struggling or exiting the market altogether.

Read the Full mlive Article at:
[ https://www.msn.com/en-us/money/economy/boom-to-bust-the-rise-and-fall-of-michigan-s-hemp-farming-program/ar-AA1BTCWg ]