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CropLogic eyes opportunities in the industrial hemp market of Oregon

CropLogic has determined that a grower licence in Oregon is likely the most applicable for its purposes.

industrial hemp
The company will wait for an advisory report before coming to a decision

CropLogic Ltd (ASX:CLI) has received a detailed report on the current trends and demand for hemp and cannabidiol (CBD) products in the industrial hemp market of Oregon, USA.

Green Rush Advisory Group, LLC has prepared the report which includes information regarding licensing and growers, the addressable market and the future potential of the Oregon industrial hemp market.

The Green Rush report also addresses the apparent growth drivers for the industrial hemp market in comparison to the medical and recreational marijuana industries.

READ: CropLogic investigating opportunities in multi-billion dollar hemp market

The report notes that growth within the industrial hemp market is due to the relative low cost of engagement, comparatively lower owner and investor risk regarding hemp production, continual research and confirmed benefits of CBD products.

Oregon has three licence types for industrial hemp; Grower, Handler and Agricultural Hemp Seed Registration.

CropLogic has determined that the Grower licence is likely the most applicable for its purposes.

Oregon currently has 576 registered industrial hemp grower registrations (since licencing began in 2015). Acreage used for industrial hemp has grown to 11,000 acres.

This is similar to the growth seen in the hops market in Washington, which CropLogic currently services, and increases the addressable market for CropLogic’s suite of technologies.

The key growing locations within the state coincide with areas visited by James Cooper-Jones, chief executive officer of CropLogic, on his recent visit to Oregon.

Three potential ways forward

The Green Rush report identifies three potential ways forward for CropLogic following this investigation.

Green Rush has advised that CropLogic start a new hemp business, buy an existing hemp business or create a stakeholder engagement campaign in order to develop prospective collaborations with hemp licencees.

CropLogic will now wait for an advisory report from Green Light Law Group before coming to a decision.

Quick facts: CropLogic Ltd

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