Tom McCue, AgriFutures Australia, Senior Manager Emerging Industries said the project would map out a business plan to develop the industry and design a trial system to identify the best-performing industrial hemp varieties.
“We see variety performance testing and agronomy trials as a high-priority for the industry and this project will provide seed funding to investigate an option for a national hemp cultivar trial scheme,” said Mr McCue.
“Increased production in certified industrial hemp seed will underpin industry growth so credible information about hemp cultivars and suitability for cropping in Australia is vital for attracting new producers to the industry.”
Corporate advisory firm, Rounding Up will deliver the project over 12 months and Executive Director, Tony Eyres said he was looking forward to engaging with the hemp industry to find solutions.
“There is a great opportunity for Australian growers to capitalise on growth of current and future products derived from industrial hemp with Global Market Insights predicting the market to surpass US$270 million in size globally, by 2025.”
“Our job is to assist AgriFutures Australia expand the production footprint and support grower capability here in Australia,” said Mr Eyres.
He said the three-fold approach included:
- Building a commercially-centred and sustainable business plan for the Australian industry
- Developing an industry-sponsored National Cultivar Trial scheme that enhances product knowledge and grower management practices
- Sourcing co-sponsorship and funding from government and private investors to actualise the business plan.
Rounding Up will also leverage networks and experiences from other sectors to benefit the Australian hemp industry in meeting its growth aspirations.
In 2017, the Australian Parliament passed legislation that permits the use of industrial hemp seed and seed-derived products for human consumption in Australia.
In contrast to medicinal cannabis, industrial hemp has low levels of the psychoactive tetrahydrocannabinol or THC.
