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PA hemp industry council courts investors
Pennsylvania Ag Connection - 11/30/2023

The Pennsylvania Hemp Industry Council (PAHIC) is a nonprofit organization that is working to accelerate the return of hemp to Pennsylvania's agricultural landscape. Earlier this year, PAHIC received over $200,000 in grant money from the state agriculture department to attract capital investment with a program called Invest in PA Hemp.

Last month, the organization released a series of videos and educational materials specifically geared towards investors to help them understand the hemp industry and the opportunities available in Pennsylvania.

"Pennsylvania is an ideal location for investment in the hemp industry because of its great farmers, excellent farmland, and proximity to major consumer markets," said Erica Stark, chair of PAHIC.

In a video for investors, Pennsylvania Agriculture Secretary Russell Redding said that the hemp industry is critical to the state's success.

"We see the hemp industry as critical to our success as we build an agricultural economy that is the solution to so many of the issues we face," Redding said.

Globally, the industrial hemp industry is estimated to be a $5 billion industry in 2023 and is projected to grow to an $18 billion dollar industry by 2027, according to PAHIC.

PAHIC has also released a kit for entrepreneurs to help them navigate the fundraising phase of building their businesses.

"We've created a set of tools for business people to help them get investment-ready," Stark said. "A set of financial tools, financial models, both for the decortication, grain processing, and construction."

PAHIC will launch a secondary campaign early next year that speaks directly to consumers about hemp products and where to find them.

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