“If you're ignoring hemp production as a land broker, you’re making a big mistake,” said Gary Hubbell, ALC, broker and auctioneer at United Country Brokers Colorado Inc., Crawford, Colo., during a May REALTORS® Land Institute roundtable on the benefits and risks associated with hemp farming. “To be successful, you have to understand the larger land market and how evolving new industries like hemp can impact it.”
"If someone is going to enter the hemp brokerage industry or has an opportunity in their area, they need to learn as much about the industry as possible,” said panelist Kirk Goble, ALC, broker at Bell 5 Land Co. in Greeley, Colo. He stressed knowing the terminology and helping clients define their end goals. Hemp isn’t like other crops, he said. One reason is the high level of compliance required. Farmers who don't comply with federal and state rules may have to destroy crops and be subject to other legal action.
Still, it's an industry in the brink of growth. “Currently, 80%–90% of the hemp grown in the U.S. is for CBD production," said Hubbell, "We're looking at new sectors in paper, clothing, fabric, and paint, which is exciting.”