New York Governor Kathy Hochul Signs Bill To Bolster Local Hemp Industry

Zinger Key Points
  • The bill encourages the use of industrial hemp and increases its use in manufacturing and construction materials.
  • Tilray Brands and Charlotte’s Web recently formed an alliance for hemp extract products in Canada.

New York Legal Recreational Cannabis Sales are just around the corner.

Following this movement, state regulators recently greenlighted the first 36 for conditional adult-use retail dispensary licenses.

Separately, Governor Kathy Hochul recently signed a bill that aims to expand the state's hemp market by promoting collaborative partnerships to identify more opportunities to utilize the crop and its derivatives, reported Marijuana Moment.

What’s In It?

The bill, sponsored by Sen. Michelle Hinchey (D), would "encourage the use of industrial hemp grown in New York by businesses."

Moreover, the legislation instructs “the Commissioner of Agriculture & Markets, in collaboration with the Urban Development Corporation, the NYS Hemp Workgroup, and industry representatives, to develop a plan to expand market opportunities for industrial hemp that would increase its use in manufacturing and construction materials, including packaging, textiles, and hempcrete,” according to an official announcement.

“Hemp is the material of the future, and positioning New York as a leading producer of the world’s industrial hemp supply is a winning strategy for fighting the Climate Crisis, bringing large-scale economic development to New York’s rural communities, and unlocking new revenue sources to put our farmers in a better financial position,” Hinchey said in a press release on Tuesday.

Hemp Farmers Given Priority

The Cannabis Control Board approved 52 adult-use Cannabis Conditional Cultivator Licenses across the state back in April. These were the first adult-use cannabis licenses granted in New York. 

Hochul also approved legislation that would give provisional cannabis growing and processing licenses to hemp farmers and businesses that are currently engaged in promoting equity in the industry.

See Also: Mary Jones Launches Cannabis-Infused Syrups

Hemp Products In The Canadian Market

Last month, Tilray Brands, Inc. TLRY, and Charlotte’s Web Holdings, Inc. CWBHF announced they have entered into a strategic alliance that includes licensing, manufacturing, quality, marketing, and distribution for Charlotte’s Web CBD hemp extract products in Canada.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo: Courtesy Of Erik Lindgren On Unsplash

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Posted In: CannabisGovernmentPenny StocksRegulationsPoliticsMarketsGeneralCommissioner of Agriculture & MarketsGov.Kathy HochulHempInc.New York Legal Recreational Cannabis SalesNYS Hemp WorkgroupSen. Michelle HincheyTilray Brands
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