Hempblocks could be the next big thing to help with a housing crisis. Here’s how one CEO pivoted his family farm from soybeans to hemp for buildings.
What Happened: Gold Standard Farms was the first company selected for an incubation program by former NBA player Al Harrington, but it didn’t come easy.
Jarrel Howard, CEO of Gold Standard Farms, recalled reaching out to any connections he had that previously played in the NBA and also sent messages to Harrington on LinkedIn. After no responses for 18 months and persistence, Howard tried a new approach.
Howard told the Benzinga Cannabis Capital Conference audience that it was a picture of a strain of purple hemp that finally got Harrington’s attention.
Ultimately, Gold Standard Farms was selected and Howard credits the 81-year history of the family farm and previous success as the reason.
“My great grandfather actually founded our farm in 1931, took him 10 years to save $3,000 so he could purchase it,” Howard said of the property located in Northwest Tennessee.
Howard said the existing business and years of farming history gave credibility to getting Harrington involved.
“That’s what set us apart.”
Related Link: NBA Great Al Harrington Joins Benzinga, Discusses New Cannabis Ventures, Social Equity And More
Pivoting the Farm: After years of traditional crops such as soybean, wheat and corn, low margins led to Howard shifting the farm to hemp.
“In 2018, we pivoted into the CBD industry,” Howard said. “We wanted something that could give us another 80 years.”
Along with having higher margins than traditional crops, growing hemp has a new social equity impact by reducing carbon emissions
“Currently we’re at 51 billion tons of emissions a year, we need to get that lower.”
One way that hemp can help is by replacing traditional materials with a product called Hempblocks.
“Hempblocks is the future of building in the United States.”
Howard said not only can hempblocks cut down on costs, but it is also fire retardant, carbon negative, termite resistant and hurricane proof.
“It keeps you cooler in the summer, it keeps you warmer in winter.”
Howard said his company’s product can help to construction companies get houses made 70% faster and save 30% on costs.
The company currently operates in Tennessee but could expand with Howard agreeing with panel host Arcadian Capital’s Krishnan Varier that there is a housing shortage.
“We do have plans to expand to four other locations,” Howard said.
Howard told Varier he thinks it’d be pretty cool to live in a hemp house.
Photo: Matteo Paganelli via Unsplash