The Guyanese government is gearing up to establish a regulatory framework to support the development of a viable hemp industry in the country.
Executive Member of Hempair International, Michael Kirton, expressed enthusiasm for this move, highlighting the potential it holds for economic growth in Guyana.
The initiative involves trial cultivation of hemp in both Regions Six and Ten this year, aiming to capitalize on the economic advantages offered by the thriving hemp industry.
Kirton emphasized the readiness of processors and manufacturers to convert the raw potential of industrial hemp into a variety of locally made products.
With the government’s backing, Kirton believes that the industry’s development has significant economic benefits in store.
He stressed the importance of swift action, expressing optimism that the industry’s potential would soon become a reality.
Under the guidance of the Guyana Industrial Hemp Regulatory Authority, the Ministry of Agriculture will accept applications for industrial hemp cultivation licenses.
The Industrial Hemp Act, ratified by the government in August 2022, laid the groundwork for the legalization of industrial hemp in Guyana.
The global industrial hemp market, valued at US $5.49 billion in 2023, is projected to experience significant growth in the coming years.
With the regulatory framework and government support in place, Guyana is poised to tap into this lucrative market and harness the economic opportunities presented by the hemp industry.