Avellon Williams
GEORGETOWN, GUYANA – Guyana is exploring ways to tap into the lucrative hemp industry, President Dr. Mohamed Irfaan Ali, disclosed at a press conference at State House on Sunday.
“There is a great opportunity that lies ahead in terms of the hemp industry and what it can do in terms of the technological push and construction material, pharmaceuticals,” said the president.
President Ali said he was amazed at the return per acre he has seen in the hemp industry. According to the 2021 Hemp Acreage and Production Survey, which reports data on hemp grown in the open and under protection in the United States, the value of hemp produced in the open in the US was $712 million. In the United States, hemp was grown under protection for an estimated $112 million in value.
Globe Newswire published the Global Industrial Hemp Markets Report 2021-2028 in November 2021, estimating market size of US$12.01 billion by 2028 and forecasting a compound annual growth rate of 16.2% between 2021 and 2028.
In addition to the expansion of its usage in food and beverage products, hemp oil is projected to become increasingly popular due to its dietary benefits.
The growing population, coupled with rising per capita disposable income, will result in a significant increase in the demand for cosmetics, personal care products, protein supplements, and other health food products. These factors are predicted to drive the market over the forecast period.
Meanwhile, President Ali said he will engage marijuana farmers about the possibilities of utilizing the industry.
“I intend to have very soon, a meeting with all the marijuana growers in this country,” he noted.
In addition to the economic benefits of hemp cultivation, president Ali said he hopes the engagement will deter people from planting the narcotic that has negative social consequences.
“I intend to have a meeting and to let them understand that there is a viable future in the hemp industry and bring them into that discussion and move away from the marijuana that has social consequences and come into the mainstream economic activity that does not have that impact, that will give them more returns.”
He stressed that he is realistic and would not be naive to the potential marijuana farmers have to boost the industry.
“They already have the experience in growing… they come with the technical skills frankly speaking,” the president stated.
There are many uses of hemp, such as rope, textiles, clothing, shoes, food, paper, insulation, and biofuel. Hemp is also used for several medical purposes.
Healthful fats, such as omega-3s and omega-6s, are particularly prevalent in hemp seeds. These fats are known to improve heart health by reducing cholesterol, blood pressure, and triglycerides.
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