Currently, the U.S. market relies heavily on imported hemp goods, largely from Canada. In 2016, there were 225,000 acres of hemp globally — more than 20 times what was produced in the U.S, according to the LRB report.

“This suggests that there is great potential for growth of domestic hemp production and a growing market in the United States for hemp products,” according to the report.

With dairy, soybean and corn prices down, Testin said Wisconsin farmers could diversify their portfolios with hemp.

“I think a lot of them are looking to hemp as a potential option to increase their margins and keep their operations up and running,” Testin said. “There’s certainly the opportunity here to help our farm economy.”

Richard said it’s important to be realistic about hemp’s potential. It will never be as big as corn or soybeans, but it could reach the success of other niche crops such as cranberries or ginseng, he said.

Richard said he envisions as much as 50,000 acres of hemp across Wisconsin by 2022.

“It’s not just the saving grace for farmers out there, but it does give them another option,” Richard said. “It’s another option to try to help them through this bad economic downturn.”