The Hemp Replacement Index: How to Bet on the Right Products with Jeff Cole
“I love doing this work… because it is the most meaningful work. We look around at the economy and go, ‘Maybe all the people talking about sustainability weren’t just freaks after all.’” — Jeff Cole, US Hemp Brokerage
When Jeff Cole speaks, smart entrepreneurs listen. As the head of the only professional brokerage house in the hemp industry, he sees the data points before the rest of us see the trends.
This week on the iHemp Hour, Jeff joined us (eventually—Mercury was in retrograde, after all) to drop some serious knowledge on where the market is heading in 2022 and 2023.
The Hemp Replacement Index (HRI)
Jeff introduced a concept that should be on every hemp business owner’s whiteboard: The Hemp Replacement Index.
It’s a simple but powerful metric: How likely are you to succeed by replacing an existing product with hemp?
- 5 Years Ago: Replacing pharmaceuticals with CBD had an index of 3,000. You were 300 times more likely to succeed because the demand for alternative medicine was exploding.
- Today: The index for everything—plastics, wood, sugar, textiles—is bouncing over 500.
Why? Because the world has realized we cannot keep doing what we are doing. We are shifting from a fossil-fuel economy to a bio-based economy. If you are making hemp plastic, hemp wood, or even hemp sugar (xylitol from hemp stalks!), you are now betting with the house, not against it.
Beyond the Cannabinoid
Jeff’s excitement wasn’t about the next tincture. It was about consumables.
- The Emperor: Wait until you see the rebrand of the Emperor Hemp Seed Oil. We are taking it out of the head shop and into the boutique olive oil store. It’s about elevating the culture.
- Hemp Wood: From one-hitters to full furniture lines, stabilized hemp wood is ready for prime time.
- Hemp Plastic: The technology is here to replace the “credit card worth of plastic” we consume every month.
October Networking: Growlers in the Grow
Mark your calendars for Saturday, October 16th. iHemp Michigan is heading north for our Fall Networking Event!
- Starts: 10:00 AM at Michael Thue’s place in Traverse City.
- Tour: A scenic drive up to Lakeland Hemp.
- The Vibe: “Growlers in the Grow.” We’ll grab some beverages from Short’s Brewing Company, fire up the grill, and enjoy peak fall colors with the tribe.
This is a free event. It’s where deals are made, partnerships are formed, and you realize you aren’t crazy for betting your farm on this plant.
News from the Field
- Harvest Numbers: MDARD reports 166 growers and 292 processors in Michigan this year. Indoor grow is at 30 acres; outdoor is at 2,830 acres.
- Hot Crops: Out of the first 50 tests, only 4 went “hot”—and surprisingly, one was a fiber variety. This proves why pre-harvest testing (like with the Neogen Raptor) is critical, regardless of your genetics.
- Feed the Beast: AAFCO (Association of American Feed Control Officials) has finally issued a call to action on hemp in animal feed. This is the domino we have been waiting for. Once we can legally feed hemp grain to livestock, the acreage demand will skyrocket.
Join the Tribe
Next week, we are featuring Lakeland Hemp to hear how they vertically integrated their farm and built a successful online sales model. Don’t miss it.
And remember, the Early Bird Special for the iHemp Midwest Expo (Jan 21-22) ends on September 30th. Get your tickets and booths now before the price goes up.
Join the Directory & Get Expo Tickets at iHempMichigan.com
This Week’s Recipe: Power-to-Heal Banana Smoothie
Jeff’s favorite meal is “liquid in a bottle,” but for the rest of us, here is a 5-minute power breakfast:
- Blend: Hemp milk (homemade!), frozen banana, dates, cocoa powder, peanut butter, and 2 tablespoons of Hemp Hearts.
- Why: It’s a protein-packed, energy-boosting way to start the day without the crash.
Watch the full episode with Jeff Cole here: