Hemp crops.

(Photo: iStock)

Farmers in northeast Colorado have formed one the first cooperatives for hemp.

Colorado legalized the crop along with marijuana in 2012. Both are forms of cannabis, but hemp isn't mind-altering. The plant can be used for clothing, soaps, food and other industrial uses. 

The cooperative will help farmers build an industry around the cash crop, says David Serrano, who organized the Northeastern Colorado Hemp Farmers Association.

"Whether it's for fiber or medicine or oils we want to be able to give the farmers the opportunity to create a valuable asset for themselves," Serrano said.

That'll mean selling hemp seeds to cooperative members, negotiating prices and sharing expert advice.