THE WHAT? Russian hemp cultivator, Smart Hemp, is set to embark on an aggressive expansion policy, expanding domestic production to at least 12 regions as demand grows, according to a report published by Reuters.
THE DETAILS The company, which began growing hemp in 2017, is set to cut the ribbon on its first processing plant, in Ivanovo, later this year. An IPO could follow as soon as 2022 according to Reuters, quoting founder Maxim Uvarov.
THE WHY? Uvarov told Reuters, “The global hemp market is growing at a rate of more than 20 percent annually.” With preliminary deals in place with buyers from China, and talks in progress to produce a hemp-cotton mix in Russia, Smart Hemp is hoping to capitalise on the boost in demand.