The idea of OrgHarvest was ‘sprouted’ last year during the ‘hemp rush’ that followed the passage of the 2018 U.S. Farm Bill. This Bill removed hemp and hemp seeds from the statutory definition of marijuana and the DEA Schedule of Controlled Substances. As a result of this declassification, there was a significant surge in hemp production. The U.S. market was flooded with hemp, some of it offered by inexperienced growers and some of reflecting unstable genetics. In addition, the chaotic environment resulted in a lack of transparency.
The market hemp rush reinforced the OrgHarvest move to hemp from cannabis. The move us the agility to build a robust business within an established, federally regulated market; operating across national and international channels. The global hemp market is project to grow to $26.6 billion USD by 2025, recording a CAGR of 34%. When the U.S. federal laws change, OrgHarvest can leverage the globally established seed-to-consumer infrastructure to include cannabis.
Today, OrgHarvest has a premier genetics bank, exclusive farmer partnerships, propriety patent and rights for flow separation and measurement equipment, the ability to process wet and dry hemp, along with extensive manufacturing and warehouse relationships.