New Study in Kentucky Paints Mixed Picture for Hemp's Potential Economic Impact
A study conducted by the University of Kentucky contains mixed results concerning the economic viability of growing hemp. Hemp supporters have been pushing to get the crop legalized at both the state and federal levels, saying it could create thousands of jobs and help boost the bottom lines of farmers.
The UK study says hemp could be a profitable option for some farmers in central Kentucky, but not everywhere.
The Chairman of UK’s agriculture economics department told the Courier-Journalthat he didn’t want to portray the study as a “negative outcome”, saying the crop “should be viewed as one more opportunity amid many opportunities for farmers." Leigh Maynard said there would be a big “learning curve” for producers and processes to climb, given that growing hemp in the U.S. has been illegal for decades.
Maynard said it's likely hemp could become a niche crop for some farmers. Hemp seeds can be used to make fuel, foods, and personal care products.
Kentucky Agriculture Commissioner James Comer has made hemp legalization his chief legislative priority, and says he’s optimistic about the crop’s future despite the study. According to Comer, it’s difficult to estimate the economic impact of an industry that doesn’t exist.