CropLogic investigating opportunities in multi-billion dollar hemp market
Sunday, 25 November 2018 CropLogic Ltd (ASX:CLI) has appointed two consultants to advise the company on the current state of, and opportunities within, the industrial hemp market in Oregon, US. Recent cannabidiol (CBD) and cannabis market insights by the Brightfield Group estimated the industrial hemp market in the US could reach U$22 billion by 2022. A market research report by Grand View Research, Inc. indicated the hemp market is driven by an increasing consumer demand for high-quality cosmetics, personal care products, protein supplements, and other health food products that include hemp extracts such as CBD. Seeking out high-performance crops CropLogic’s CEO James Cooper-Jones said: “CropLogic is focused on seeking out and expanding the crops that we target and furthering our understanding on how we can service new industries and integrate our farm management, agronomy and digital AgTech experience. “In each of our growth regions, CropLogic is looking for crops with high performance, growth trajectory and market share potential. “Dependent on region potentials, our target crops may vary – from citrus in Sunraysia in Australia to hops and apples in Washington State, potatoes in Idaho, or hemp in Oregon in the USA. “I am looking forward to meeting industrial hemp growers in Oregon on my visit to the region at the end of November and finding out how may be able to service this market.” Consultants to produce report for CropLogic Oregon is the third largest State in the US for industrial hemp production, a state CropLogic has been servicing with its agronomy expertise for some time. CropLogic sees Oregon as a key state for future growth and its agronomy and digital agricultural technologies may be well placed to take advantage of these global trends in hemp and CBD production. The two consultants will provide a report in the coming months to CropLogic on the industrial hemp market in Oregon. Based on the findings of the report, CropLogic will consider whether to enter this space in the Oregon 2019 growing season.
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