Indian firm Hempcorp is planning to build the world’s largest hemp plantation site.
The company recently secured a 10,000-acre site for the hemp plantation in the state of Uttarakhand, India. The deal follows the legalization of hemp cultivation in Uttarakhand.
Hempcorp will set up operations in Uttarakhand and has plans for a variety-based product chain from hemp.
The product chain will vary from health foods, cosmetics, textiles, FMCGs, pharmaceuticals, cannabis-infused ayurvedic medicines, eco-friendly construction materials, bioplastics, biofuel and more, according to the company.
Further, Hempcorp is in discussion with government officials and liaisons regarding regulatory compliance. A recent industry development was made by the government in licensing cannabis cultivation, processing and refinement for the production of ayurvedic medicines containing CBD and THC content.
Cannabis in India
Hempcorp foresees massinve growth opportunities in India for cannabis business and is focusing on creating a hemp market in India.
The company expects the market to grow at an exponential rate over the next three years into a multi-billion-dollar industry and is seeing a growing interest in foreign investment into India’s cannabis space.
The company has made the recent decision to proactively participate in the formation of a cannabis society for the decriminalization, legalization, and advocacy of cannabis in India. Further, the firm is in partnership discussions with technologists for modern technologies in cannabinoid extraction.