Hemp is a cannabis sativa plant species that has long been cultivated for industrial use. Unlike marijuana, it contains low levels of THC, which is the main psychoactive ingredient in marijuana that induces a high.
Hemp is used in many products and materials. For instance, hemp is used in textiles to keep knees in jeans from wearing out because it is stronger than cotton. Some claim that the plant is also stronger than steel, which could explain why electric vehicle and car manufacturers use it to reinforce some vehicle components, such as door panels. A good example of this would be BMW, which uses hemp-based fibers to strengthen its car paneling. Henry Ford also utilized hemp in his car designs.
The plant is also biodegradable and can be used to solve the lumber crisis, as hemp-based materials are more affordable in comparison with wood. Hemp is also more readily available because the plant is harvested annually.
Wood products manufactured from hemp are also said to be more solid and beautiful than products made from timber. Additionally, hemp is used in designing wood paneling and hardwood floors, which saves contractors money in every project and produces a superior product.
Hemp is also pest free and low dust as well as mold, fire and rot resistant. This, among many other reasons, helps explain the growing interest in hemp. However, there are issues that plague this burgeoning industry.
The main barrier is the lack of processing capacity in various regions across the country, which makes it harder for hemp cultivators to ready their harvest for market. At the moment, most growers and farmers have to hang-dry their hemp by hand, which requires expensive and limited labor; harvesting also requires a lot of time and space. This whole harvesting process is also weather sensitive, and growers may have a hard time finding a buyer even after the final product is ready.
This is why in most scenarios, growers have to deal with their buyers directly, which may not always be ideal for a farmer because the hemp infrastructure and supply chain isn’t as developed as the chain for other agricultural crops, such as soybeans or corn.
Some companies have noticed these gaps in the market and are working towards making it easier for farmers to process their product, find buyers and distribute hemp without the hassle. This is in addition to finding ways to make use of every single part of the hemp plant, which will reduce waste. This is what Flora Growth Corp. (NASDAQ: FLGC) is doing by making hemp textiles.
NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC
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