Located in our backyard in Elburn, IL
The National Hemp Report 2022 reported the total acres farmed for industrial hemp fiber in the US was 6,850 acres, with 10,500 tons of hemp produced. In Illinois, there were 240 acres harvested. As reported in Business Wire in February 2023, the global industrial hemp market is expected to have a Compound Annual Growth Rate of 22% over the next five years. We saw a need and evaluated if there was a market to support the potential. If we produced this crop, could we sell it? Was there an end use for industrial hemp fiber? What would it take to get it to market? What we overwhelmingly found is that there is an abundant need but a serious shortage of production capacity. We sought a contract that would support our harvested product, and identified several opportunities to be a part of a growing product end use. We also found that farming industrial hemp fiber is a significant carbon consumer which provides an opportunity to sell carbon credits. There are also significant environmental benefits to the land to farming hemp, and the end use of products have so much benefit at an industrial level that industry is yearning for increased capacity. Prices are also reflecting this market need. There are plenty of interested farmers that want to explore this opportunity but current market conditions for corn and beans have made the traditional farmer content with the status quo. Additionally, there are some specific equipment needs that discourage the farmer who wants to experiment or start small from starting at all.
We aim to change this. We have done our research to determine the optimal equipment needed to perform the tasks and looked at its viability to be used for other crops in the future. Lastly, we went out and identified custom farming opportunities that would allow us to use the equipment on a contract or per acre basis.