Minnesota’s hemp farmers have weathered a boom, a bust and years of changing rules. Now, a federal ban on most hemp-derived THC products is the latest blow to an industry they helped build.
For Jeremy Saueressig, that means no hemp in his Hastings fields this year. He’s among the few Minnesota farmers still growing hemp for THC. After growing the crop since 2019, he planted more soybeans instead.
“Missed opportunity,” he said, looking over his fields of soybeans. “The lost opportunity of another year of R and D, another year of moving the market, setting networks.”
That’s because of a looming federal ban on most hemp-derived THC products set to take effect Nov. 12. Saueressig’s hemp crop is typically turned into THC drinks and edibles or CBD products.
Saueressig is among farmers across the country cutting back on hemp as the market faces uncertainty. Farmers in Colorado, Vermont and Kentucky are making similar decisions, with some cutting acreage, abandoning hemp altogether or being left with harvest they can't sell, according to MJBizDaily.
Saueressig says he’s sitting on 15,000 to 20,000 pounds of harvested plant material from last year that should’ve been sold by now. With the federal ban nearing, buyers are limiting their risk and holding back on purchases, which is driving down demand.
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