Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry, announced today New Jersey lawmakers have renewed their hemp legislation to allow more farmers to cultivate hemp. According to a recent article, this legislation (Bill A5322) “establishes a program for cultivation, handling, processing, transport, and the sale of hemp. It also repeals the New Jersey Industrial Hemp Pilot Program, replacing it with a permanent program that will seek to pursue related opportunities to the maximum extent permitted by federal law.” With bi-coastal processing centers, including the 85,000 square-foot multipurpose industrial hemp processing facility on the east coast (in Spring Hope, North Carolina) Hemp, Inc. sets to further capitalize on new opportunities for hemp derived products through New Jersey’s renewed hemp law.
“This renewed hemp law is an incredible decision by the New Jersey legislature because analysts have predicted there will be nearly 2,450 acres of hemp cultivated by next year,” said Bruce Perlowin, CEO of Hemp, Inc. “New Jersey is a state where Hemp, Inc. has always seen promise and while the pilot program was the first step in the right direction, this expanded law has the ability to bring promise and opportunity to the state.”
New Jersey Governor Phil Murphy signed the bill that will allow for more cultivation and derivatives to be added to cosmetics and consumption products. Within this expanded law, hemp cultivators will need to test for tetrahydrocannabinol (THC) limits within 30 days of harvest and there will be a proof of authorization set up by the Department of Agriculture for trucking and transport companies traveling across state lines.
New Jersey is a state that is well positioned for this industry because of its location to seaports, airports, and major cities. Currently, according to an industry group called Vote Hemp, farmers in the United States cultivated more than 77,000 acres of hemp in 2018. Additionally, according to New Frontier Data’s Hemp Business Journal, the hemp-derived CBD market will grow from the $390 million market in 2018 to a $1.3 billion market by 2022, which represents a 27.2% 5-year compounded annual growth rate.