This season, hemp farmers in the United States are looking for buyers while their crop is still in the field or drying after harvesting. For those who did not have buyers before planting their crop, they are using all their marketing strategies such as advertising on LinkedIn to profit from their crop while also seeking additional buyers.
According to experts, farmers who are yet to secure buyers for their crops should harvest their crops using cultivators to protect it from dampness and any other dangers such as mold. Hemp farmers can utilize the six strategies discussed below to optimize hemp profits in 2019.
- Pre-Processing and Storage
Hemp farmers must first focus on harvesting and drying the crop before it is ready to be sold. According to the CEO of the Vermont Hemp Company, Joel Bedard, farmers should dry their crops using the hanging method in a well-ventilated space, as will help in preserving the harvest till the end of the year when demand starts to peak.
Bedard added that, to buy time, farmers who have not sold their crop or managed to get them to an extractor should perform preprocessing which involves using a machine to strip the biomass off the stalk, grind the biomass using hammermills and packaging the biomass into pellets for storage although not for a period exceeding six months.
- Processing to Crude Oil
Without access to an extractor, farmers should process their hemp into frozen, decarbed crude oil to preserve the cannabinoids and terpenes which can be dissolved by exposing it to heat or light, said the CEO of Denver-based Eco Extract Labs, William Goodall. Famers will get more out of their plants if they process their crop to crude oil as soon as it is harvested, added Goodall.
- Networking
By networking through social media through sharing photos and details of their crops, farmers can sell their processed produce.
A co-founder of Combined Hemp in Bend, Wesley Ray posted photos and updates of his farm on LinkedIn, which prompted comments and direct messaging that eventually led to farm visits. However, some farmers did not benefit from using social media and Ray warns farmers to be wary when selling on social media platforms.
- Online Trade Platforms
There are several online platforms popular among buyers and sellers, and they include the Hemp Market place, Hemp exchange, PanXchange, Kush.com, and Swissx Bank of Canada. These can put a farmer’s produce before hundreds of potential buyers, and this in tur can increase the likelihood of getting the best possible price for one’s hemp.
- Live Auctions
Although this is another method for selling hemp, the quality cannot be guaranteed because a farmer can take a sample from a neighbor. Therefore, buyers normally focus on other factors apart from sight, smell, and the sample before they open their checkbooks.
- Be Informed on the Current News
For buyers and sellers to negotiate on the best prices for hemp, they should be informed on the current hemp demand, processing challenges and costs, advised Lerner. Before settling on a buyer, farmers should ask questions such as how long their business has been in operation, and for verification, they should ask for proof and references. The best buyer will emerge after this selection process.
Analysts wonder what methods hemp industry participants like Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and Geyser Brands Inc. (TSX.V: GYSR) use to get the best hemp from growers.
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