Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs


A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs.

Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp Industries Association (NZHIA) for the government to take the shackles off this burgeoning 'wellness' industry.

“We are well behind other countries in our attitude to hemp,” says NZHIA Chair, Richard Barge. “Although it is non-psychoactive, many of our current laws treat it as though it is. This report highlights just how short sighted those laws are in economic terms, and how out of step New Zealand is with the rest of the world.”

According to the report, New Zealand can grow high quality plants suitable for products sought by the natural health industry - as well as industrial products like hemp fibre. Because processing would take place close to where hemp is grown, boosting the industry will also boost regional employment.

Currently valued at US$4.6 billion, the global hemp industry is projected to grow to US$65 billion by 2030. The opportunity for New Zealand is to become a niche grower providing premium seed and cannabinoid products - as we do with wine, kiwifruit and manuka honey.

To support this, NZHIA is calling on government to introduce a scientifically based regulatory framework for the manufacture, sale, import, and export of non-medicine hemp products, and to reclassify CBD as the wellness cannabinoid that it is. “This would see a rapid upsurge in research and development,” says Barge, “benefitting the whole country.” 

According to Dr Marsh, hemp could become our fastest ever-growing export industry thanks to the vast international demand for hemp products.
“The industry is ready to go,” says Barge. “Research and development partners are engaged and the farming community is gearing up. Parallel industries - fibre, food and beverage, natural health products, and cosmetic industries – are excited about new hemp-based ingredients.

“All we need is for government to remove unwarranted regulatory barriers and red tape”

Watch the introduction video here • The Snapshot - 28 pages • The Full Report - 60 Pages

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Financial Markets Authority: Online Investing Platforms Transform Attitudes To Investing

Eight out of 10 New Zealand investors have a more favourable view of investing and financial markets after using online investing platforms, according to research released today by the Financial Markets Authority - Te Mana Tātai Hokohoko... More>>



Barfoot and Thompson: Auckland Housing Prices Shrug Off Winter Concerns

Auckland house prices shrugged off the normal winter downturn, concerns about increasing prices and warnings of possible future interest rate rises in July.
“Mounting concerns about the prices being paid and possible future interest rate increases did nothing to dampen July trading... More>>



Stats NZ: Sharp Falls In Unemployment And Underutilisation

The seasonally adjusted unemployment and underutilisation rates fell to 4.0 and 10.5 percent, respectively, in the June 2021 quarter, Stats NZ said today. The unemployment rate continued to fall from its recent peak of 5.3 percent in the September 2020 quarter... More>>


ASB: Labour Shortage Sting Set To Cause Issues For Years According To Latest Quarterly Economic Forecast

There are positives and negatives in the latest ASB Quarterly Economic Forecast as New Zealand continues to bounce back strongly from COVID-19. The closed border is putting additional strain on the country’s labour market... More>>

Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>



ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>