Gov. Phil Murphy signed New Jersey’s new hemp law on Friday last week to expand the cultivation of hemp and legalize hemp derivatives, such as CBD, for use as ingredients in food and other products.
This recent law replaces the one which was signed last year to create a pilot program for the cultivation and processing of industrial hemp into different products.
The law signed last week clearly indicates that hemp-derived CBD can be used as an ingredient in personal care products, cosmetics or any other products that can be consumed by humans and animals.
People who grow hemp will also have to submit samples of their produce for THC testing before they are cleared by the state to harvest the crop. The time lag between testing and harvest should be 30 days. This time window was created to give the Department of Agriculture ample time to test and return results to all the farmers in the state.
The agriculture department will also provide “proof of authorization” to companies that transport hemp across state lines. This proof of authorization was included in the new hemp law in recognition of the possible challenges that farmers and truckers are likely to face from law enforcement officers who may think that a given consignment is marijuana and not hemp.
State financial predictions indicate that the total outdoor space used to grow industrial hemp in New Jersey could increase to at least 2,447 acres by 2020. These estimates didn’t account for how much space would be allocated to growing hemp indoors or in greenhouses.
Several factors make New Jersey ideal for growing and processing industrial hemp. For example, the state has easy access to international hemp markets because of the seaports and numerous airports available.
The abundant, well-educated labor force is also a plus for an industry with the potential to trigger growth in a variety of sectors, such as animal feed making, cosmetics, edible products, clothing and many other applications to which hemp can be put.
However, the relative cost of land in New Jersey is on the higher side, and this could limit investment in growing hemp since other possible uses to which this expensive land can be put may be more profitable. Wages are also relatively high and the state isn’t so close to the known agricultural states in the country. This can limit how many people see New Jersey as an ideal location for processing facilities.
Nevertheless, the hemp industry is still new in the whole country so only time will tell how the sector fares in different states. For now, analysts believe that hemp industry players like Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and TransCanna Holdings Inc. (CSE: TCAN) (FRA: TH8) see each state as starting off on a blank slate, and how different actors (policymakers, farmers and other participants) use this slate will determine whether the industry will thrive or become another false promise of economic opportunity.
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