New York Hemp Industry

[GerryKerns]

New York authorized hemp growing in 2015, allowing for up to 10 educational institutions, farms or businesses to grow and research hemp. In early 2017, New York removed the 10-grower limit and opened the door to an unlimited number of cultivators.

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The state requires separate licenses for cultivation and processing hemp. New York received 100 applications to grow hemp for 2018 and 12 applications for additional processors, according to the state Department of Agriculture. An application to grow or process industrial hemp shall be made upon a form prescribed by the Commissioner and shall include an application fee of $500.

Even though New York allows seed and fiber production, almost all the hemp growers are growing plants for CBD extraction.

According to a search of the New York Department of Agriculture database, there were more than 400 growers and 50 processors as of October 2019.

New York hemp market growers report that the market is promising:

$100 or more per pound of dried hemp flowers or buds for use in CBD oil extraction. As in other states, the material prices vary widely based on CBD content.
About $2.25 per pound for hemp seeds intended to be pressed for seed oil.

The Vote Hemp reported that 2,240 acres of hemp were grown in New York in 2018 comparing to 2,000 acres in 2017. In 2019, farmers grew about 18,000 acres of hemp across the state.

Website: https://hempcbdbusinessplans.com/canada-hemp-business-legalization-...