The Indian Industrial Hemp Association (IIHA) has big plans as it recently announced an investment of Rs 1,100 crores (about $150 million) for hemp cultivation in the Indian state of Uttarakhand, according to IIHA President Rohit Sharma.
The money is coming from private investors Sharma, Chandra Prakash Shah and Nimit Kasliwa, who are joining with Indian corporate groups that Shah said will be named in due course.
IIHA this past summer received a license to grow industrial hemp on a pilot basis in Uttarakand in the first licensed hemp grow in the country since 1958. The group is a consortium of associations, leading firms, researchers other institutions who interface with government agencies and map out conditions conducive to a thriving Indian hemp industry. IIHA’s network embraces a wide range of governmental ministries and authorities who are backing its efforts.
Investment in growing, research
Sharma said the investment will go for cultivation, research and other initiatives to help advance the industry – with a focus on sustainable development that will boost the fortunes of farmers, and breathe new life into struggling local economies.
“We are opening the dialogue to contract with the farmers, lease their land and their labor, and help them survive better,” Sharma told HempToday. The investment from IIHA in industrial hemp cultivation will not only propel economic growth but also give farmers a great opportunity to live sustainable lives, he said.