China grows nearly half the world’s legal hemp
China’s first licence to extractwent to Hanma Investment Group, owner of its largest hemp planter and processor, in January 2017. By next year, estimates New Frontier Data, a cannabis consultancy, Chinese sales ofwill more than quadruple to $228m. Investors are rushing into the field. A Chinese hemp index tracked since 2018 by Wind Information, a data provider, has more than doubled in value this year.
That north-eastern province became the second to legalise hemp-growing in 2017, issuing a three-year plan to become the biggest cannabis base in the world by 2020. In its inaugural year, Heilongjiang harvested 30,000 hectares of hemp—nearly one-third the size of European and Canadian fields combined. Neighbouring Jilin province, too, will soon earn a licence.
Chinese growers are already setting their sights farther afield. In December America legalised industrial hemp nationwide for the first time since the second world war. Hanma ships more than half its domestic output there. Tan Xin, chairman of Hanma, says he will begin to grow and process hemp in Nevada later this year.
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