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Aussie hemp stakeholders entice financial services firms

While talks aimed at stakeholders interested in the full range of whole plant hemp applications are on tap at this year’s Australian Industrial Hemp Conference Feb. 25-28 in Freemantle, organizers say those representing the financial sectors in the Australasian region also have much to gain by attending.

“They can get in on the ground floor and generate new contacts in an industry that will boom,” said Charles Kovess, one of the event’s organizers. “This is not just a conference for farmers and agronomists, as the economics of hemp also will be discussed,” Kovess noted, suggesting the gathering offers financial services providers a chance to position themselves as advisers to stakeholders in the burgeoning industry just as it gets rolling.Though hemp has long been cultivated in Australia, with raw materials and finished goods exported to countries like Japan, the USA and Korea, hemp producers are now expanding in their own domestic market, estimated at AUS $13 million in seed and straw production alone. Estimates are for a four-fold increase overall in the coming years driven mainly by the new food and CBD sectors as Australia classified hemp as food only as late as November 2017 following 15 years of efforts by stakeholders.

The State of South Australia alone has said it is expecting a farm gate value of $3 million per annum from hemp within the next few years under state industrial hemp guidelines from the SA Manufacturing and Innovations Ministry. And as the region within Australia growing the most hemp currently, Tasmanians want to expand on whole-plant-use while also building on their proven experience growing for medicinal products, as the state already is licensed to grow poppies for pharmaceutical firms (resulting in a $290 million poppy industry).

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Anoushka Shankar

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