RISHIKESH, India, Oct. 29, 2019 /PRNewswire/ -- Hempcorp recently secured a 10,000 acre site set to become the world's largest hemp plantation. This comes following the legalisation of hemp cultivation within the state of Uttarakhand, India.
The company will be managing operations in Uttarakhand and has plans for a variety-based product chain from hemp. The product chain will vary from health foods, cosmetics, textiles, FMCGs, pharmaceuticals, cannabis-infused ayurvedic medicines, eco-friendly construction materials, bioplastics, biofuel and more. Hemp-based paper, plastics and fuel will foster a more sustainable future.
The company has been engaging with government officials and liaisons regarding regulatory compliance. A recent industry development was made by the government in licensing cannabis cultivation, processing and refinement for the production of ayurvedic medicines containing CBD and THC content.
The company has undertaken a professional legal opinion regarding the legal status of cannabis in India. The law has clear provisions for the use of cannabis as ayurvedic medicine and is beginning to be interpreted as such by the industry at large. Consequently, a range of cannabis-infused products has been hitting the Indian markets.
The company has made the recent decision to proactively participate in the formation of a cannabis society for the decriminalisation, legalisation and advocacy of cannabis in India. Further, is in partnership discussions with technologists regarding bleeding edge technologies in cannabinoid extraction.
Hempcorp expects the market to grow at an exponential rate over the next 3 years into a multi-billion-dollar industry and is seeing a growing interest in foreign investment into India's cannabis space. Given these factors, the company is also focusing on the creation of an Indian hemp market.