It’s no secret that industrial hemp is an incredibly profitable crop in Kentucky. Nearly 17 million dollars’ worth of Kentucky hemp-derived products were sold in 2017, according to the Agricultural Commissioner of Kentucky.
Thanks to the Industrial Hemp Research Pilot Program, licensed individuals and businesses can grow, handle, broker, and process industrial hemp in Kentucky. However, state and federal laws still place restrictions on the crop. If you want to get into the hemp business, it is essential to work with an experienced industrial hemp attorney like William R. Noelker.
Starting Your Business
If you decide to grow, handle, process, or market industrial hemp in Kentucky, you will enter an emerging field that is experiencing a lot of growth. There are many great opportunities for new hemp businesses right now!
Some ways that you might consider profiting from industrial hemp include:
- Growing the crop for grain, fiber, or CBD extraction
- Brokering sales between buyers and sellers
- Creating hemp-derived products
This new market is exciting, but it can be difficult to navigate alone. It is important that you operate a legitimate business, and there are some legal complexities involved in the hemp industry.
For example, you will need to apply for the appropriate KDA license within the application window. Growers need a different license than processors and handlers. Mr. Noelker can help you easily navigate all of the standards and regulations that are part of starting a successful hemp business.
Navigating Industrial Hemp Laws
Industrial hemp is still classified as a Schedule 1 Controlled Substance, like marijuana. However, hemp is non-psychoactive and was grown as a useful crop across America long before it was made illegal.
While the Industrial Hemp Research Pilot Program is authorized under the 2014 Farm Bill, there are still penalties for failing to comply with the established regulations. You may be subject to license suspension, license revocation, monetary penalties, and other consequences if you operate outside of the laws.
By working with Mr. Noelker, you can feel confident that you are protecting yourself and your business. He understands all of the regulations that your business will need to comply with to avoid any issues related to the controlled substance classification.
Protecting Your Business into the Future
Many people are pushing for the legalization of industrial hemp on a national level. No matter the outcome of those efforts, the current laws and regulations will likely change in the future. Mr. Noelker can help you stay aware of any legislative changes and help you adapt to them as a business.
The industrial hemp market is expected to grow and thrive well into the future. Take advantage of this opportunity to build a successful, long-lasting business, and leave the legal hurdles to a professional hemp attorney like Mr. Noelker.
Contact Our Kentucky Industrial Hemp Lawyer Today
If you are interested in starting an industrial hemp business, call Mr. Noelker today at 859-329-3992. He works with clients from Danville, Lebanon, and nearby areas of Kentucky.