The South American country of Guyana is warming up to the possibility of expanding its hemp industry. At a recent conference of the Police Officer’s Conference President Dr. Mohamed Irfaan Ali laid out some of his thoughts.
“The hemp industry is not only about hemp production, but it is about having the processing and value-added facilities here in Guyana and these are industries that can generate jobs, these are industries that have high-value return,” he said.
President Irfaan Ali is looking at the broader picture of the hemp market. With this approach, he is planning and hoping to capitalize on all aspects of the hemp industry. When it’s all said and done he is hoping to boost his country’s economy.
In a somewhat surprising move, he also made mention of his intentions to meet and work with marijuana farmers. He believes that they can be a valuable asset to the country but believes the farmers can also benefit from the hemp industry. He said it is a completely legal way for them to make money and it could be a win-win situation.
“It is a net gain for the country, and I want to have that conversation and I think that it is the responsibility of the President to lead in some of these areas in creating the level of trust for the transformation that is required. So, yes this is an industry that can also help in at-risk communities,” Ali said.
What is the Outlook for Hemp
Most market reports have a very positive outlook for the growth of hemp over the next decade. Industrial hemp is used in so many different things such as insulation, rope, clothing, textiles, shoes, paper, and of course food.
In November of 2021, GlobeNewswire posted a report showing the global industrial hemp market is expected to reach over $12 billion USD by 2028. From 2021 to 2028 they expect the industry to show an annual growth rate of over 16% year over year.
There are definitely a lot of opportunities for Guyana to get a piece of the pie when it comes to hemp. There is also going to be more and more competition on a global scale who are gunning for their share as well.
To be successful President Ali will need to get the important players on board with his vision. They will need to have a well-thought-out and laid-out plan of action to be able to compete on a global level.