Media Release: CropLogic Gains Deeper Understanding of Oregon Hemp Market
CropLogic Limited (ASX:CLI) (“CropLogic” or “Company”) is pleased to announce that following the engagement of Green Rush Advisory Group, LLC (“Green Rush”) (announced 26 November) as an advisor to the Company on the Industrial Hemp Market in Oregon, USA, CropLogic has received a detailed report (“Report”) on the current trends and demand for hemp and cannabidiol (CBD) products, licensing and growers, the addressable market, and the future potential of this market for CropLogic going forward.
The report addresses the general trends in the Industrial Hemp Market in Oregon and apparent industry growth drivers in comparison to the medical and recreational marijuana industries. The Report notes that growth within the Industrial Hemp Market is due to the relative low cost of engagement, comparatively lower owner and investor risk regarding hemp production, continual research and confirmed benefits of CBD products, which can be manufactured using industrial hemp, as well as scalability advantage with there being no limit on the scale of hemp production in Oregon.
According to Green Rush’s Report, Oregon has three licence types for Industrial Hemp; Grower, Handler and Agricultural Hemp Seed Registration. CropLogic has determined that the Grower licence is likely the most applicable for the Company’s purposes.
Oregon currently has 576 registered Industrial Hemp Grower registrations, which is 4369% increase since licencing began in 2015. Acreage used for Industrial Hemp has grown 960% to 11,000 acres. This is similar to the growth seen in the hops market in Washington, which the Company currently services, and increases the addressable market for CropLogic’s suite of technologies. The key growing locations within the state coincide with areas visited by James Cooper-Jones, CEO of CropLogic, on his recent visit to Oregon.
The Report identifies three potential ways forward for CropLogic following this investigation. Green Rush advises that the Company start a new hemp business, buy an existing hemp business or create a stakeholder engagement campaign in order to develop prospective collaborations with hemp licencees.
CropLogic will wait for the advisory report from Green Light Law Group, P.C. (announced 26 November) before coming to a decision. The Company will inform the market when it has further details.
For further information please contact:
James Cooper-Jones, Chief Executive Officer
M: 0419 978 062
E: [email protected]
Rod North, Managing Director
Bourse Communications Pty Ltd
T: (03) 9510 8309, M: 0408 670 706
E: [email protected]
CropLogic is an award-winning New Zealand agricultural technology company listed on the Australian Securities Exchange (ASX). After launching its product into Washington State, USA in 2017 CropLogic is currently servicing a significant portion of horticultural growers there, in some crops having a market share as high as 30%. CropLogic offers growers of irrigated crops with digital agricultural technology expertise based upon scientific research and delivered with cutting edge technology – science, agronomy and technology interwoven into an expert system for decision support.
For more information please visit: http://www.croplogic.com/