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National & World Ag News Headlines |
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Wisconsin Bankers Not Keen on Hemp Farming Yet
USAgNet - 12/27/2018
Although there is strong enthusiasm for hemp production in the Badger State by farmers, most Wisconsin bankers are not yet sold on the idea that it will be a profitable industry. That's according to a recent Wisconsin Bankers Association survey of 95 bank CEOs and presidents.
The survey asked if the 2018 Farm Bill changes the federal view of hemp, 'Will your bank actively seek to provide loans to industrial hemp farmers and/or processors in Wisconsin?' The response was 83-percent 'NO,' and just 17-percent 'YES.'
Bankers had the same response to the question: 'Do you think industrial hemp will provide enough revenue to stabilize revenue streams for Wisconsin farmers?'
Both the farm bill and recent Wisconsin law now permits farmers to grow industrial hemp under controlled circumstances.
Many Wisconsin bankers feel that there's not enough known about the crop yet, including cost, price, yield, returns, contracts and markets. Now that hemp and all its derivatives have been removed from the Controlled Substances Act, it will be treated as a farming commodity.
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