With the license, Green Point Research can expand its international presence by importing, exporting and commercialising hemp seeds in Colombia
One of Green Point Research's employees inspecting hemp plants. (Credit: Green Point Research.)
Green Point Research (GPR), an American hemp biomass company, has secured seed import, export, and commercialisation license in Colombia, as part of international expansion.
Applied in January 2019, the license was granted this March this year. In addition to obtaining the license, GPR is awaiting genetic certification and licensures for non-psychoactive cannabis cultivation and derivative product manufacturing and export.
For GPR the license comes at a time when it is experiencing a rapid growth phase. Last year, it initiated several research studies with University partners, acquired its own nursery in Florida and also expanded its capabilities with several partner farms and facilities.
Green Point Research CEO David Hasenauer said: “This seed license advances Green Point Research’s international footprint while also furthering our research, development and production capabilities.
“Colombia seed production allows us to scale operations in a manner that can make hemp genetics more accessible to everyday farmers and is an essential step for us in the commoditisation of hemp around the world.”
Global industrial hemp market could reach over $13bn by 2026
As per GPR, the global industrial hemp market could reach more than $13bn by 2026. Native-grown cannabis exports are illegal in the US and Canada is the only western country to legally allow export of cannabis.
Colombia is expected to follow Canada’s footsteps. In recent years, the country has shredded its notorious reputation by moving its hemp industry from the black market and is developing an intricate and legal medical cannabis market.
With the seed license in hand, GPR can now import, export and commercialise hemp seeds in Colombia, which is expected to lower overall production costs and ultimately benefit American farmers growing the crop.
Green Point Research Latam South American operations director Felipe Robayo said: “Hemp production is at a crucial step in its lifecycle. Similar to our experiences in the coffee market, lower-cost inputs allow greater revenue generation for our farmers, and hemp is heading in the same direction.
“We continue to grow our genetic material aiming to fully understand the plant’s capability and utilize that information to scale production. Green Point Research’s forward-thinking will have a positive impact in this market.”