HempWave, a hemp cultivator, expects to plant hemp on greater than 600 acres in Arizona this 12 months. The corporate estimates that it might produce as many as 2.1 million kilos of hemp in 2019. At present market charges of $25 per pound (when bought in its uncooked kind), the corporate’s product would have a market worth of roughly $52 million.

Their 4 preliminary farms might be positioned within the Gila River Valley, Eloy and Willcox, HempWave reported. The CEO of HempWave, David Soto, famous Arizona’s prime local weather for hemp cultivation as a part of the choice to start out its operations within the state.

Soto stated, “Arizona is a wonderful location for turning into one of many nation’s premier industrial hemp firms, each legally and from an environmental standpoint. We applaud Arizona’s governor and our legislature for transferring so rapidly to assist Arizona companies transfer to the forefront of the unfolding industrial hemp revolution. And we sit up for working with different farmers and landowners all through the state and across the nation to satisfy the explosive demand for industrial hemp merchandise starting from authorized cannabidiol and CBDs to hemp-based materials and constructing supplies.”

HempWave additionally acquired two Arizona greenhouses totaling 210,000 sq. ft. for hemp nursery operations.

AP Picture/Gillian Flaccus