A Hemp Industry Development Plan has been announced by the NSW government, which promises ‘to unlock new opportunities for NSW businesses and add value to the state’s low-THC hemp industry, which is forecast to become a $100 million Australian industry by 2032’.
The Labor government say, ‘The plan, available at NSW Hemp Industry Development Plan, outlines a roadmap for industry growth through targeted research and development, stronger supply chains, market expansion and a supportive policy and regulatory framework’.
‘The Hemp Industry Plan will focus on:
- Identifying opportunities to grow the hemp industry by attracting private investment, improving access to processing and value-adding facilities, and supporting Aboriginal businesses to participate in the industry.
- Improving the NSW hemp licensing system and reviewing legislation to make it easier for the industry to operate and grow.
- Strengthening research partnerships and providing hemp businesses with better information and advice on growing, production, biosecurity, and business development.
- Working with other states and the Australian Government to create a more consistent approach to hemp regulation across Australia.
‘Developed in consultation with industry stakeholders, the plan sets a vision for hemp to become a mainstream crop of the future, creating new opportunities for farmers, manufacturers and regional communities across NSW.
‘Industrial hemp has huge potential for use as a fibre for textiles, rope, composites and building materials with additional environmental benefits in providing biomass for soil improvement and carbon capture.
‘Hemp seeds can be used to produce oils, food ingredients, protein powder and cosmetics.
‘Globally, it is estimated that hemp is used in more than 25,000 products spanning nine sub-markets, including agriculture, building materials and textiles.
‘Collaboration between industry, stakeholders and government will be critical to delivering the plan with the NSW Hemp Industry Taskforce reinstated to monitor the progress of the plan’s delivery.
‘The plan focuses on areas where government, industry and stakeholders can collaborate to address local needs and position the NSW industrial hemp industry to capitalise on the potential global and domestic growth of this emerging industry.
‘NSW Government amendments are planned to enhance the regulatory framework for hemp licence holders in NSW’.
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