The UK hemp industry is on the rise, and leaders of the sector are exploring the potential of hemp and its benefits for agriculture, carbon reduction and other environmental industries.
Leaders of the UK hemp industry will convene for The Hemp Party at Greenhaus on 12 July to discuss the potential of hemp and its benefits for agriculture, carbon reduction and other environmental and economic industries in the UK and around the world.
The Hemp Party is sponsored by Amberstalk , the London-based hemp foods company, and co-organised by Greenhaus and the Central British Dispensary. Together they will showcase market-leading hemp products and a curated line-up of expert guest speakers. Topics addressed will include hemp farming, hemp seeds, Cannabidiol (CBD) and hemp fibres. Companies including the British Hemp Association, Vitality Hemp, Quintessential Tips, Graces CBD London and many more will contribute.
The boom of the UK hemp industry
The evening will explore how an increase in hemp manufacturing can assist in job creation, provide new tax revenues for the economy, how it can contribute to the UK’s 2016 Paris Agreement CO2 emissions targets and how it can revitalise the agriculture industry by providing a valuable new cash crop for British farmers.
Speaking of hemp’s potential, CEO and co-founder of Amberstalk, Kirck Allen, said: “From food to fashion, construction to agriculture and medicine, the list of benefits hemp could bring to the UK across multiple industrial sectors is exponential.
“We want to ensure that the UK is not at the mercy of the US, China or other leading hemp producing economies by campaigning for and ensuring that the potential of the hemp industry is fully realised on home soil.”
Breaking through the policy barriers
Due to the lack of clear policy, subsidies, knowledge and manufacturing infrastructure, hemp has yet to break through as a sustainable alternative crop in the UK. Despite these uncertainties, Amberstalk believes that hemp is a commodity that can and must be grown and fully utilised in the UK, reversing the current UK practise which largely relies on importing hemp.
Opportunities have arisen in the volatile political climate surrounding Brexit and in the prospects for the strengthening of trade relations with the US.
Current US President Donald Trump removed hemp from the Controlled Substance Act in the 2018 Farm Bill after former US President Barack Obama initially trialled production in the 2014 Farm Bill, meaning it is now recognised as an agricultural crop. US hemp farming acreage has increased by a factor of three since 2017.
The growth of the global hemp industry
According to New Frontier Data, US sales of hemp products have already hit $1 billion (~€0.9 billion) in 2018 and is expected to increase by an additional $2.2 billion in 2022.
New Frontier Data also predicts global hemp industry sales will grow to $5.7 billion by 2020 from $3.7 billion in 2018.
Additionally, US recruitment company Hemp Staff are reporting figures into the thousands for new job vacancies across states and with profits going up to $750 per acre compared to $150 per acre for soybeans, farmers can expect a much more lucrative return for labour in comparison to traditional crop choices.
Did you know that New Frontier Data is a Partner of Health Europa? Discover more about the company and their mission to elevate the discussion around the legal cannabis industry.
The Hemp party
The Hemp Party will be an intimate event with a maximum capacity of 100 attendees that will take place at Greenhaus – London’s new co-retail space in Shoreditch that lets eco-conscious direct-to-consumer brands take advantage of their high street location as a showroom to complement online sales.
The Hemp Party is also intended to promote interest ahead of the Product Earth Expo 2019 at the National Agricultural Exhibition Centre (NAEC), Warwickshire from 23-25 August where, for the first time, the British Hemp Association and the Product Earth Expo are collaborating to introduce an event called The Hemp Zone – a space providing a wide array of activities, demos and exhibitions for businesses and the public to learn more about hemp.