Australian industrial hemp farmers believe crops with no psychoactive properties could be five times more valuable if regulations are relaxed.
Outdated regulation is putting a handbrake on the industrial hemp industry, according to stakeholders, who believe it has the potential to be Australia's next agricultural success story.
Alberta Hemp Alliance director Jan Slaski said Canada had become a global leader in industrial hemp thanks to a "resilient foundation" created by reform and investment."Customers and clients in Canada initially were reluctant to buy industrial hemp products because it resembles illicit cannabis, so for years, myself and my colleagues were working to demystify industrial hemp.
"They haven't caught up with the reality of the situation where there is a difference between marijuana and hemp.A spokesperson for the Department of Natural Resources and Environment Tasmania said current regulation "aimed to enable industrial hemp crops to be easily differentiated from medicinal and illegal cannabis crops".
She said there were a lot of similar startups in Australia but they were in "desperate need of capital".
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