Business report

Investments in hemp industry highlighted at summit

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The Pennsylvania Hemp Summit 2022 took place Tuesday and Wednesday in Lancaster, with nearly 100 hemp growers and entrepreneurs.

Industrial hemp is grown for fiber and seeds. It is a different variety of the plant that produces marijuana and was regulated with marijuana in the 1950s and 1960s. Industrial hemp must maintain a concentration of the psychoactive chemical tetrahydrocannabinol below the legal threshold of 0.3%. .

“Industrial hemp is an economic engine offering innovative approaches to everyday challenges,” Agriculture Secretary Russell Redding said as he opened the show. “From building materials to manufactured goods, to soil conservation and remediation, industrial hemp and its by-products are sparking innovative and competitive solutions while increasing opportunities for Pennsylvania farmers and manufacturers. The PA Hemp Summit provides a platform for growers, entrepreneurs and industry experts to share ideas and tackle challenges while developing the next generation of agricultural entrepreneurs.

The Wolf administration invested nearly $1 million in the state’s hemp industry.

The PA Farm Bill has invested over $864,000 in the hemp industry over the past three years. Some of the funding came from the 2014 federal Farm Bill which allowed the cultivation of hemp for agricultural research.

“Team Pennsylvania is hosting the Hemp Summit because of the economic opportunity and the need for public and private sector collaboration to capitalize on the potential of hemp,” said Abby Smith, president and CEO of Team Pennsylvania, a non-profit organisation. “By bringing together industry stakeholders, we can catalyze the partnerships, networks and idea generation needed to help build this industry in the Commonwealth.”

Law 92 established the industrial hemp research pilot program in 2016.