4. How much does it cost per acre to cultivate industrial hemp? Bennett claims he has reduced his hemp expenditures to around $3,500 per acre. Bennett believes he has one of the lowest per-acre costs in the whole United States. He describes himself as a tightwad who is exceedingly cautious and incredibly thrifty.
“I drive John Deere tractors from the 30 series.” His most recent tractor is from 1962. “Other men are not farming on their own,” he explains. Bennett argues that farmers that employ labor for cultivation, weed control, irrigation, fertilizer application, harvest, and drying might incur expenditures of up to $25,000 per acre.
According to him, many farmers can cultivate hemp for $6,000 to $6,500 per acre.
How much money can one acre of hemp generate?
The price of hemp seeds and hemp grain on the market fluctuates between $0.60 and $0.65 per pound. Therefore, if you have a yield of around 1,000 pounds per acre and production costs of approximately $300-$350 per acre, you will earn between $250 and $300 per acre. If you opt to deal with hemp fiber, though, your profits will shift slightly.
How much hemp can be grown per acre?
Consequently, the number of hemp plants planted per acre will be crucial. According to the article “What Farmers Need to Know About Growing Hemp” from Successful Farming, hemp is cultivated at a rate of “1,000 to 1,600 plants per acre” that are “placed and cared for as distinct plants.”