The fledgling pilot project led by University of Florida scientists to explore the potential of producing industrial hemp across the state is getting wings thanks to initial funding from a private partner. Green Roads Inc. has reportedly invested $1.3 million to sponsor the first phase of the UF/IFAS research program.
The funds will go to support field trials currently being set up in three locations around the state: Quincy, Hague, and Homestead. According to UF/IFAS, field trials will focus on testing varieties of the industrial hemp plant and cropping systems for establishing industrial hemp production in Florida.
Locally-based Green Roads has made its mark in the burgeoning Cannabidiol (CBD) oil business trade. CBD is a non-psychoactive byproduct of industrial hemp (a variety of the Cannabis sativa plant) known to have several health benefits for pain relief, inflammation, seizures, and more. According to Hemp Business Journal, U.S. sales for CBD-based products are poised to reach $450 million in 2020 and break $645 million by 2022. [Read more at Growing Produce]