The global industrial hemp industry has experienced tremendous growth in recent decades after many years of hemp prohibition policies negatively impacting the market. The hemp plant is arguably the most versatile plant on earth, possessing the ability to be used as food, fiber, for environmental sustainability strategies, and for many other things.

Australia is one region that has embraced industrial hemp production and research in recent years, and the nation’s industrial hemp sector recently achieved a major milestone via the publishing of a report that provides evidence-based insight into which hemp varieties do best in various parts of the country.

“Australia has crossed a threshold that every emerging agricultural sector must eventually reach: it now has a national, evidence-based guide for selecting industrial hemp planting seed.” Hemp Today wrote in its original coverage.

“With the release of a final report on the country’s Industrial Hemp Variety Trials (IHVT) by AgriFutures, Australia’s agricultural R&D and industry-development corporation, the country has completed a three-year, coordinated set of trials across nine growing regions, from the tropics to Tasmania. Growers, processors and investors now have hard data on where hemp performs, how it performs, and under what conditions.” the outlet also reported.

“Over the past decade, Australia’s hemp industry has made real progress. Supported by AgriFutures Australia, research and development efforts are building the foundation for future growth.” writes National Tribune about Australia’s emerging hemp industry.

“We’re testing existing and new varieties across Australia to identify what performs best. The goal is to create a strong foundation for growers and processors.” states Professor Tobias Kretzschmar from the Southern Cross University, who manages AgriFutures’ Australian Industrial Hemp Program of Research. “There are about a thousand different end products that can come from hemp.”

One of the most insightful moments at the recent International Cannabis Business Conference in Berlin occurred during leading international cannabis economist Beau Whitney’s presentation. Mr. Whitney, founder of Whitney Economics, delivered a keynote address at the event, examining a range of important industry data points.

As part of his presentation, Beau Whitney compared the market potential of industrial hemp to the market potential for the medical and adult-use cannabis consumables sectors. Industrial hemp has historically been, and continues to be, an important source of material for several large industries.

Mr. Whitney projected that the value of the global industrial hemp industry could be $456.2 billion. By comparison, Beau Whitney’s estimate for the potential global medical and adult-use cannabis market is roughly $237.8 billion.