Hopefully Cann Global will get some Govt support in coming years?
"More than 80 years after Australian hemp cultivation was banned, states are racing to take the lead in developing a new industry to tap into a $1 billion international market.
In South Australia, where industrial hemp production was approved in November, the government has awarded 10 licences for cultivating and processing the product.
NSW, Victoria, Western Australia and Queensland also are moving to develop state-based industries with government-backed crop trials, research and grower assistance on the table.
A landmark decision in South Australia paved the way for it to be legal to consume hemp food products in Australia and New Zealand, turbo-charging the domestic industry.
Separately, the commonwealth-regulated medical cannabis industry in Australia could be worth nearly $3bn in the next 10 years as a growing number of patients start to access the medication following its legalisation across the country.
A report published by the London-based Prohibition Partners, a cannabis industry consultant, found the medical market will be worth about $1.2bn by 2024, up from the current level of just $US12.6 million, before growing to $3bn by 2028.
Prohibition Partners managing director Stephen Murphy said the future growth of medical cannabis would be driven by governments working to legalisation.
“The market growth in the Oceania region is underpinned by progressive politics, which have greatly improved patient access to cannabis in Australia and will likely legalise cannabis in New Zealand by 2020,” he said.
“There is a local appetite to play a greater role in the global cannabis industry and this is illustrated by the fact that Australia has more than 20 cannabis companies listed on the ASX.”
A three-day CannaTech conference began in Sydney yesterday, with a number of Australian industry leaders due to speak.
South Australian Primary Industries Minister Tim Whetstone said the state’s emerging hemp industry could have a value of about $3m within five years.
The South Australian Research and Development Institute is about to launch a second trial of six hemp varieties in the Riverland on sandy soil and in the South East on clay.
Licensed growers have indicated their first hemp crops will be sown in the next few weeks.
“What these trials were able to highlight was that the industrial hemp industry is at the forefront of greatness,” Mr Whetstone said.
“The number of industrial hemp licences approved has increased and there has been a lot of interest in the industry ... it is great news for farmers as it provides another opportunity to diversify their operations.”
The SARDI trials aimed to determine a crop’s optimum sowing and growing period, assess different industrial hemp varieties and investigate time of seeding for hemp grain and fibre production, he said. One trial site used highly saline water and the other water from the Murray River.
Industrial hemp can be grown only under a licence issued by a state government. Cultivation, production and manufacture of medicinal cannabis is regulated by the federal government.
Industrial hemp is defined as containing less than 1 per cent of the psychoactive drug THC.
The world-leading producer of hemp is China. More than 30 countries grow industrial hemp."
Hopefully Cann Global will get some Govt support in coming...
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