- Legislative changes pertaining to hemp company registration in California are expected to enable widespread cultivation in the state
- Green Hygienics Holdings has already acquired a cultivation license in San Diego County to make full use of the growing California market
- The U.S. hemp industry is forecast to grow rapidly in the years to come; sales are anticipated to more than double in 2020, creating new business opportunities and a number of new jobs across various niches
California is making progress in terms of enabling widespread commercial and industrial hemp cultivation. New industrial hemp regulations in the state establish registration procedures for growers and have already gone into effect (http://cnw.fm/3Hj8R). As per California law, industrial hemp growers are required to register with their local County Agricultural Commissioner’s Office before initiating cultivation.
The aim of the registration program is to allow the widespread cultivation of hemp across California. Companies like Green Hygienics Holdings Inc. (OTCQB: GRYN) have already established their operations in the lucrative state.
Green Hygienics became registered to cultivate industrial hemp in San Diego County in June 2019. The science-driven, premium cannabis cultivation company announced that it has secured the required permits from the County of San Diego Department of Agriculture, Weights and Measures (http://cnw.fm/lB5pM).
The company is making effective use of the California Industrial Hemp Farming Act to expand its cultivation capabilities across multiple U.S. states. According to Green Hygienics Vice President of Business Development Matt Dole, California bears considerable opportunities for hemp cultivation firms.
The new state regulations in California come on top of the federal Farm Bill that was passed at the end of 2018. Experts predict that such legislative changes will contribute to the rapid growth of the hemp industry and the creation of numerous new jobs across the U.S.
America’s legal hemp industry generated revenue of $1.1 billion in 2018. The size of the market, however, is anticipated to more than double by 2022 to reach $2.6 billion (http://cnw.fm/fUU2E). Such a massive expansion will result in job creation across multiple fields – from financial services and bookkeeping to marketing and retail.
Global hemp product retail is also positioned for rapid growth. Analysis suggests that global hemp retail sales totaled $3.7 billion in 2018. Sales are anticipated to reach $5.7 billion in 2020 (http://cnw.fm/rOf2S). China is currently the market leader, generating almost $1.2 billion in hemp sales. The U.S. is a close second with $1 billion in sales, and European countries follow with net sales of $980 million. According to analysts, U.S. sales will experience the most rapid jump by 2020. The compound annual growth rate in the period is forecast at 27 percent.
Green Hygienics Holdings is a full-scope premium cannabis cultivation company that targets both the high-end medical and the recreational markets. The company has over 25 years of experience in agricultural science and innovation. Growth plans focus on the development of effective, science-driven cannabis cultivation systems, the creation of premium cannabis products, developing and licensing valuable IP, strategic acquisitions and the launch of global consumer brands.
For more information, visit the company’s website at www.GreenHygienicsHoldings.com
NOTE TO INVESTORS: The latest news and updates relating to GRYN are available in the company’s newsroom at http://cnw.fm/GRYN
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