Green Markets GroGenesis Enters Hemp Market Green Markets, News, News Briefs, SpecialtyGreen GroGenesis Inc., a Sioux Falls, S.D.-based company that produces AgraBurstPro (ABP), an organic soil and plant stimulant (GM July 27, 2018), has decided to aggressively enter the industrial hemp cultivation market in the U.S. and Canada. With legalization of industrial hemp production likely in the U.S., President and CEO Richard Kamolvathin said GroGenesis has field tested ABP with hemp producers whom he said were impressed with positive results in the health of their plants, growth rate improvement, and plant size enhancement. Hemp farming is legal in Canada. Registered by the Washington State Department of Agriculture as an organic material, ABP has been field tested on a variety of crops in Bangladesh, Cuba, Colombia, and Myanmar, with recorded yield increases ranging from 15 percent to 40 percent. Successful ABP field tests also have been conducted on corn, rice, and soybeans in Illinois, Arkansas, Georgia, and Florida. When applied as a spray, the plant-based extract is designed to facilitate the rapid, direct absorption of inputs through the leaves and stems of plants. Kamolvathin and Rick Lutz, Vice President of Business Development and Communications for GroGenesis, told Green Markets that hemp has many industrial uses, including concrete, rope, wax, biodegradable plastics, resin, paper, clothing, biofuels, and paint. It presents a lucrative market that GroGenesis plans to tap, they said. Kamolvathin said with China and the European Union halting the purchase of genetically modified beans, corn, and other commodities, and trade tariffs impacting agricultural exports, American farmers are struggling and need to optimize their options. Referring to GroGenesis, he said “We’re looking to diversify our position to maximize new markets. It’s our belief industrial hemp will make a comeback as a textile along with other uses.” Rural economies could benefit from increased hemp cultivation, as processing plants and warehouses are located close to fields where it is grown, Kamolvathin and Lutz said. GroGenesis uses United Agricultural Service’s 40,000-square-foot facility at Panasoffkee, Fla., to provide its custom blending, warehousing, and logistics support, which is an hour from the Orlando International Airport and can rapidly fulfill international orders. The company uses distribution partners and provides them with technical, manufacturing, and marketing assistance, reducing overhead expenses. That same business model would be used to develop the industrial hemp market. Total sales for the U.S. hemp industry in 2017 were $820 million, including $190 million for hemp-derived CBD products, $181 million for personal care products, and $137 million for hemp food products, according to the Hemp Business Journal. It is estimated that the industry will grow by more than 14 percent to $1.9 billion by 2022 as legal and regulatory hurdles are removed. In Canada, more than 100,000 acres of hemp were under cultivation in 2017, with significant increases forecast for the next five years About Green Markets Green Markets, a Bloomberg publication, offers an authoritative weekly report on the global fertilizer industry to industry professionals. http://fertilizerpricing.com/pricing-news/green-markets/
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