Green Hygienics has secured a registration from the County of San Diego Department of Agriculture, Weights and Measure as an industrial hemp cultivator.
“On course with our pursuit of worldwide traction, we are pleased to gain ground in California, where the cannabis industry continues to bear considerable opportunity,” Matt Dole, Green Hygienics vice president of business development, said.
According to the company, Green Hygienics is in the process of completing the purchase of the Potrero Ranch property near San Diego, which offers ideal conditions for hemp cultivation. "Now in escrow, the ranch property will provide us with plenty of room to grow hemp in California," the team with the company explains. "The Potrero Ranch property, consisting of 824 prime acres of prime pasture, will be used to cultivate hemp and provide a base of operations for several other equally exciting initiatives," Dole said.
“Given that there is the potential to harvest 1,200 to 1,500 pounds of hemp per acre, we can produce two crops per year, and with the price of hemp at an average of $50 per pound, this initiative has the potential to produce significant revenues for the Company,” Dole stated in a news release announcing the planned purchase.
"Additional potential at the Potrero Ranch property is in the existing outbuildings, spanning 294,000 square feet, which are ideal for use as greenhouses or seed production and storage. The property also includes an updated home, an abundant water supply and soil with the type and pH levels identified as ideal for hemp cultivation."
New Frontier Data estimates that the hemp-derived CBD market in the United States will grow to a $1.3 billion market by 2022, tripling in size from $390 million in 2018. Changes in public opinion about cannabis, an unprecedented year for passage of state-level reforms and legalization of hemp under the 2018 Farm Bill have all contributed to high expectations for the cannabis and hemp industries, as detailed by J.J. McCoy, senior managing editor of New Frontier Data.
Green Hygienics has also secured licenses for the cultivation and processing of hemp in Michigan. Licenses were granted to the company’s wholly owned subsidiaries, Green Hygienics Michigan LLC and Coastal Labs Michigan LLC, under the Michigan Department of Agricultural and Rural Development (MDARD) Industrial Hemp Ag-Pilot Program. Under the research agreement with MDARD, Green Hygienics is approved to plant, propagate, grow, cultivate and harvest live hemp plants or viable hemp seeds.
“Michigan’s strong farming community produces 300 different commodities on a commercial basis, and we are pleased to be part of its continued growth,” Dole stated in a news release.
ResearchandMarkets projects that the global industrial hemp market will grow from $4.6 billion in 2019 to $26.6 billion by 2025, recording a compound annual growth rate of 34 percent. Increasing legalization in the cultivation of industrial hemp and the functional properties of hemp seed and hemp seed oil, which includes the increasing use of cannabidiol (CBD) in consumer goods and pharmaceuticals, are projected to drive market demand, the report states.
For more information:
Green Hygienics Holdings
(855) 802-0299
ir@greenhygienicsholdings.com
greenhygienicsholdings.com