Governor Greg Abbott has signed into law Texas House Bill 1325, which effectively legalizes the cultivation of hemp and processing of hemp and hemp-derived products, including cannabidiol (CBD) in the State.
In anticipation of the passage of the hemp legislation in Texas, Village Farms has begun conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the company's proprietary GATES technology) for cultivation of high-CBD hemp and CBD extraction. The Texas Hemp Legislation will require licenses for both the cultivation and processing of hemp and Village Farms plans to apply for the requisite licenses as soon as it is permitted to do so. No time frame has yet been provided by the State of Texas for the licensing process.
"The Governor's signing of this bill into law formalizes a significant opportunity for Village Farms as a first mover in the Texas hemp industry and will allow us to capitalize on the expected demand for premium-grade hemp grown in controlled-environment facilities for the high-end health and wellness and the pharmaceutical industries," said Michael DeGiglio, CEO, Village Farms International. "Conversion of half of Permian Basin greenhouse in West Texas for hemp production is now well underway and we look forward to commencing production as soon as possible upon Texas establishing a licensing and regulatory framework for hemp and CBD."
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