Hemptown USA Sets Sights on Novel Cannabinoid CBG as Legalized Hemp Farming Revs Up
- The U.S. hemp-derived cannabinoid industry is projected to hit $22 billion by 2022
- The company recently announced a $17.2 million capital raise to fund its expansion plans across the country from its Oregon base
- Hemptown has acquired and is in the process of planting one million cannabigerol (CBG) seeds, which will represent a significant portion of the total U.S. CBG crop for 2019
On May 14, Hemptown USA announced that it had raised $17.2 million (C$23.3 million) to fund its expansion plans (http://ibn.fm/xZZtY
). A privately held company headquartered in Southern Oregon’s Emerald Triangle, the company is leveraging its experience as a grower of broad-spectrum hemp biomass to scale up its production capacity in three states as favorable laws are finalized.
A big part of Hemptown USA’s strategy includes the farming of novel cannabinoid strains in addition to cannabidiol (CBD). Recently, the company acquired and is now in the process of planting $5.5 million of Oregon CBD seeds, including one million rare cannabigerol (CBG) seeds. The CBG seed genetics acquired by Hemptown USA are estimated to yield 10-12 percent CBG biomass. This move positions Hemptown USA to become a leading CBG producer in the United States.
This novel cannabinoid has shown to contain anti-microbial/anti-fungal properties, with some indications that it may help with colitis, neurodegeneration, cancer, glaucoma, bacterial infections, muscular tension, anxiety and inflammation (http://ibn.fm/MiK47
). Industry insiders identify the anti-microbial/anti-bacterial properties of CBG as a perfect fit for the cosmetics industry – a trend that’s already visible in the marketplace.
Hemptown USA is currently cultivating more than 1,500 acres in Oregon, Kentucky and Colorado. Legislators in these states have welcomed hemp growers, particularly since the federal government inked the 2018 Farm Bill in December, opening the door to hemp cultivation as an agricultural commodity that no longer requires the U.S. Drug Enforcement Agency’s oversight (http://ibn.fm/9BglJ
). By 2020, Hemptown USA plans to be a full vertically integrated company from the farm to the consumer in a bid to maintain a leading position in the developing industry.
The global industrial hemp market is expected to surpass $300 billion by 2025 (http://ibn.fm/mG49K
For more information, visit the company’s website at www.HemptownUSA.com