The agriculture minister disclosed that the Guyana Industrial Hemp Regulatory Authority is now operational and a Chief Executive Officer has already been appointed to oversee the sector.
According to Minister Mustapha, several overseas companies have already expressed interest in investing in the industry, particularly in establishing a hemp processing facility in Guyana.
“So what we are doing now…is that two regions were identified to plant hemp. Those two regions are Region Six and Region Ten. We have an authority now in place. We have a CEO in place. We already have some interests already been expressed by some companies overseas,” according to the minister.
He explained that large-scale cultivation cannot proceed until a processing facility is operational.
“We are now in discussion with those companies to set up the processing plant. I am hoping that that can happen within another three to four months because you can’t plant hemp without a processing plant,” Minister Mustapha stated.
The minister said the government has already received three to four expressions of interest from investors and is hoping to move the process forward once a suitable company is selected.
The Industrial Hemp Bill, previously tabled in the National Assembly, seeks to provide for the cultivation, manufacturing and research of industrial hemp and hemp-related products in Guyana.
The legislation also provides for the establishment of the Guyana Industrial Hemp Regulatory Authority, which will regulate the industry.
Industrial hemp is often confused with marijuana because both belong to the cannabis family. However, hemp contains significantly lower levels of tetrahydrocannabinol (THC), the psychoactive compound responsible for the “high” associated with marijuana.
Government officials have previously said the development of the industry could create opportunities in agriculture, manufacturing, and exports while opening new economic avenues for farmers and investors. (Department of Public Information)
