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Hemp targeted for diversification of NT economy

By Cameron Micallef · August 09 2019
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Invest

Hemp targeted for diversification of NT economy

By Cameron Micallef
August 09 2019
Reading:
egg
egg
egg
Hemp plant

Hemp targeted for diversification of NT economy

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By Cameron Micallef · August 09 2019
Reading:
egg
egg
egg
Hemp plant

The Northern Territory Legislative Assembly has announced the passing of the Hemp Industry Bill, allowing the state to capitalise on the emerging market.

The burgeoning industry will see two main opportunities grow from the passing of this new bill, both a fibre and grain industry (THC levels under 1 per cent) and a viable seed industry (THC levels under 0.5 per cent), according to a government statement. 

THC levels above 1 per cent are considered as cannabis.

Minister for Primary Industries and Resources in the Northern Territory Paul Kirby said hemp’s status as an emerging superfood with many other uses will allow the territory’s farmers to diversify their crop offerings.

“The development of this industry is a real green shoot for the jobs and export economy here in the Northern Territory, diversifying our economy and creating local jobs,” the minister stated.

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The potential for two crops for territory farms each dry season would also see an increase to the potential return of hemp production for farmers, with hemp grain currently garnering a farmgate price of around $3,000 a tonne, it was reported.

For NT Farmers CEO Paul Burke, it’s an exciting opportunity for an emerging crop type.

“Industrial hemp has real potential in our current climatic conditions and could be a viable new industry on a broadacre scale, which is an exciting proposition,” he said. 

nestegg has previously reported on the future of cannabis investment in Australia as being an area to watch.

Hemp targeted for diversification of NT economy
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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

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