New Regulation Will Help Grow New York’s Hemp Industry
Hemp, the non-psychotropic cousin to marijuana, is being used in everything from clothing to, grain to CBD products. Now New York lawmakers have made a change that will open the door to the expansion of the hemp industry, and lower costs for industrial hemp in the Empire State.
Currently, medical marijuana and CBD product manufacturers buy their hemp from growers that grow hemp and marijuana indoors in grow-houses, most from out of state. The new proposal would allow hemp to be grown outdoors by many more growers within the state reducing the cost for businesses that use hemp in their products.
With the boom in CBD products being manufactured this will be a huge cost savings and opportunity for the industry in New York. According to an article in www.cannabiswire.com The state Department of Ag estimates that its research partners are now permitted to cultivate almost 20,000 acres of hemp “for use in grain, fiber and CBD products.” The hemp industry is projected to grow to $2 Billion in sales by 2021 according to an article in the Albany Business Journal.
This also means that hemp that has to high of a THC content could then be used for medical marijuana instead of being destroyed, which is the process now.
Areas of New York have been described as the Silicone Valley of industrial hemp and this change in regulations will only allow that to grow and expand in the state.