Last December, hemp in the United States was legalized with the passage of the 2018 Farm Bill, paving the way for Tribes to expand into its booming, multi-billion dollar market.
The law legalized hemp production and distribution under federal law and established a framework of shared oversight by Tribal, state and federal government. The bill also permits the interstate transfer of hemp products for commercial, research or other purposes, and requires compliance with a state, tribal, or U.S. Department of Agriculture (USDA) plan for hemp production.
Additionally, the Bill leaves implementation and “primary regulatory authority” over the production of hemp by obtaining a plan for monitoring, control, licensing, inspection and compliance with the USDA.
One of the fastest growing plants, hemp has been cultivated in the Northern Hemisphere for over 10,000 years and has dozens of uses, including paper, textiles, clothing, insulation, paint and biofuels.
Blue Stone is working to strategically position tribes to flourish within this blooming industry. We’ll help you to understand your unique situation in the market for hemp production and processing on Tribal lands.
Our subject matter experts are well versed in this environmentally sustainable product. Having a clear understanding of the industry and the process is essential for long-term success. We can help develop a feasibility study and implementation plan that meets your goals and sets accountability through clear roles and responsibilities and timelines.
Blue Stone’s Hemp Feasibility and Implementation Planning Services include:
- Market assessment including industry overview and target market demand.
- Assess where within the hemp industry is the Tribe’s best opportunity to successfully participate.
- Go-to-market strategy.
- Suggested grow options and action plan outline.
- Suggested processing options and action plan outline.
- Recommended hemp growing and lab operations oversight plan.
- CBD extraction lab equipment and process recommendations.
- Internal hemp testing lab recommendations.
- Third party hemp testing recommendations.
- Evaluating the addition of a hemp tax to existing tribal tax code and tax rate recommendations.
- Recommendations on the development of a comprehensive plan for monitoring and regulating hemp production on Tribal Lands.
- Financial Assessment including start-up costs.
- Revenue and income projections.
- SWOT Analysis including Strengths, Weaknesses, Opportunities and Threats.
If your Tribe is looking to enter into a new venture that will highlight your natural resources and generate new Tribal employment opportunities for your community, then hemp may be a viable opportunity. Call us today at (949) 476-8828 or email email@example.com to schedule an appointment today!