According to the Australian Farmers Federation the Australian hemp industry is on the rise!
A truly versatile crop, its uses include: seeds, a popular ‘superfood’; oil, touted as a vegan alternative to fish oil and used as a topical treatment for eczema and acne; fibre, used in a variety of textiles; and hurd, which can be used in building materials, animal bedding and paper products.
Regulations that prohibited the cultivation and consumption of hemp were removed in 2017, allowing Australia’s consumer demand for hemp products to skyrocket.
The forecasted value of Australian Hemp for 2023 is at $3 million, up from around $300,000 in 2011-12. While this falls short of the $150 million US industry, it still offers attractive incentives for local farmers who are thinking of diversifying.
Read more from the Australian Farmers website