Governor Eric Holcomb has signed SB 516 into law, which allows Hoosier farmers to grow hemp. As some farmers struggle to make ends meet, the new crop is attractive to struggling farmers.
It’s estimated that hemp can earn between $100 and $300 per acre, according to the Tribune Star. Hemp may not replace the state’s staple crops but farmers will at least have another option in their crop rotations. Hemp’s hundreds of uses also makes it a common sense crop for the Hoosier state.
Jonathan Miller, the general counsel for the U.S. Hemp Roundtable, said, “It really is going to have an enormous impact nationally and in Indiana, as well.”
Sam Johnston said, “Hemp is one of the highest yielding biomass crops on the planet, and it takes far less water and fertilizer to grow than other high-yielding biomass plants.”
Justin Swanson of the Indiana Hemp Industries Association expects farmers to line up to have an opportunity to grow this versatile crop.
He said, “I think you’re going to see close to 3,000 acres licensed to grow in Indiana outdoor this year. The trend in Kentucky was they licensed a lot more acres than were actually grown.”