Guyana’s cupboard indicators off on plan to develop a hemp business

The Guyana Cabinet of Ministers gave the go-ahead to growing and processing industrial hemp, saying the sector could create thousands of jobs and new industries.

The government was moved to support an initiative to develop a national hemp industry through a report from the Guyana Defense Force, Guyana Police Force, and other stakeholders analyzing the country’s hemp potential after studying global best practices.

Vice President Bharrat Jagdeo said both the Cabinet and Defense Committee had been reviewing the recommendations of Attorney General Anil Nandlall, who was tasked last year with examining industrial hemp legalization.

Economic boost

President Dr. Irfaan Ali said the hemp industry could help boost Guyana’s economy but said national consultation was needed before a regulatory framework was put in place. A new agency is likely to be formed to oversee the industry.

“It’s an industry that I believe is viable once the management is in place. But of course this is an important national issue that would also require some national input, ”the president told the media following the recent cabinet approval to move forward.

“Based on the Defense Committee’s report, there are opportunities there that I believe would be beneficial from an economic and financial point of view that do not affect people’s well-being in any way,” said the President.

Optimistic forecasts

Proponents not only see economic benefits from growing and processing hemp, but also see potential commercial deals in marketing, banking, insurance, and retail.

Proponents have cited studies showing that planting 100,000 hectares (~ 250,000 acres) could create 40,000 to 50,000 sustainable jobs, enabling economic development through carbon credits and the yield from seeds and hemp stalks.

Proponents suggest that 500 Guyanese families should initially be allocated 10 hectares of land each for industrial hemp. This estimated total area of ​​5,000 hectares (~ 13,350 acres) could produce 50,000 tons of hemp stalks that could be processed into 15,000 tons of fiber and 35,000 tons of grain. Once established, these hemp farms could then grow, hemp advocates have suggested.