A widely anticipated hemp and CBD supplements conference gave California Gov. Jared Polis a platform to reveal the direction in which he wants to steer the industry within the state. Governor Polis took to the podium and revealed that he wants to keep California ahead of the pack in terms of dominance of the hemp and CBD industry.
The American Herbal Products Association organized the event at which the governor and his administration outlined what they planned to do to make California dominant in the hemp industry.
The governor started by revealing that California has been exporting industrial hemp to at least 30 U.S. states and internationally (Canada, Uruguay, Chile and many other countries). To continue enjoying this trade, the state government plans to increase the current 62,000 acres of hemp by 20 percent come next year. Speeding up farmer licensing is one way through which this increase will be attained.
While Montana and Oregon have surpassed California in terms of the acreage devoted to hemp growing, California is still ahead because many processors and extractors have setup shop in the state as a result of the friendlier legal regime in which hemp, CBD and marijuana are legal. California even permits CBD to be used in cosmetics, food and supplements, contrary to the position of the federal Food and Drug Administration (FDA).
Ean Seeb, the cannabis policy advisor to Gov. Polis, revealed that the state is offering tax and other incentives to any hemp and CBD companies which decide to locate their headquarters in California. This will spur long-term growth of the industry if more value chain players are based in the state.
Seeb also said that he is interested in seeing fewer regulations of the hemp and CBD industry. To him, regulating hemp in the same way that corn is regulated would be desirable when compared to regulating this non-psychoactive plant in the way marijuana is regulated.
During the conference, Seeb and Polis shed more light about the CHAMP (California Hemp Advancement and Management Plan) through which different players, such as the agricultural, legal and manufacturing entities partner with the state to address issues facing the hemp industry.
The CHAMP partners will prepare a report in 2020 upon which the state will consider any changes to its hemp program in order to make it more equitable, more environmentally sustainable and more conducive to the continued growth of the industry.
Industry experts agree that industry actors like The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) have no doubts about Gov. Polis’ commitment to taking California’s hemp industry to the pinnacle.
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