Struggling Wisconsin farmers should be all-in on hemp.

The Wisconsin agriculture industry is in serious trouble. Farms in the state have led the country in chapter 12 bankruptcies for two consecutive years. And now, as the 2018 harvest season approaches, Wisconsin farmers are concerned whether or not looming tariffs from the Trump trade war will impact their business and continue this downward trend.

With the potential for an economic disaster on the horizon, there is no better time than now for Wisconsin farmers to begin considering new, innovative ways to produce long-term income and avoid bankruptcy. And there is no better consideration for farmers in Wisconsin than industrial hemp production.

Wisconsin once led the country in hemp production. However, in 1938 production was stopped and in 1970, hemp was deemed a schedule 1 narcotic by the federal government. The same level of scheduling as other drugs, including marijuana. Hemp is a close cousin to marijuana, but includes on trace amounts [regulated at 0.3%] of tetrahydrocannabinol (THC), the psychoactive property that makes people high from using marijuana.

In 2015, a federal law was passed allowing states to implement pilot programs for industrial hemp production. Last November, Wisconsin legislators approved Senate Bill-119; allowing for industrial hemp to once again be produced in the state. Nearly 200 farmers applied to participate in the inaugural season.

Hemp offers several applications that can benefit a wide-range of markets. Hemp seeds provide large amounts of nutrients, protein, and essential fatty acids, making them beneficial to both human and animal diets. The crop’s strong fibers make it ideal for producing plastics, and paneling for automobiles. Environmentally, hemp has shown it can clean tainted water, bully away weeds, and be used as a bio-fuel.

It is difficult to imagine hemp producers feeling anything besides bullish going into their first harvest season. The prices of corn and soybeans are low, and no long-term solutions are being provided from the federal or state governments. Farmers in South West Wisconsin need to consider expanding their business to include industrial hemp production.