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A new investment of $900,000 will see two new state-of-the-art hemp processing plants developed in Alberta.
The Government of Alberta announced new investment into the province’s hemp industry and processing capabilities.
On Thursday, the province issued a total of $900,000 in grant funding to two hemp companies, INCA Renewtech and Blue Sky Hemp Adventures.
As a result of this investment, both companies are expected to move forward with the developments of their own hemp processing facilities in Alberta. Each facility is expected to exceed costs of more than $70-million each for constructions and installations.
At a media availability, Minister of Agriculture, Forestry and Rural Economic Development Nate Horner stated the investment comes with a target of bringing in $1.4-billion in new investment while creating 2000 new jobs by March 2023.
“These two projects will transform the hemp industry by creating a new vertically-integrated market for hemp here in Alberta,” he said.
“These projects will mitigate production risks for farmers, create more than 150 new manufacturing jobs in rural Alberta, generate innovative plant-based inputs that will open the door to further growth and expansion of Alberta’s hemp market.”
He also highlighted Alberta as Canada’s top hemp producer by sharing the province’s contribution to the industry makes up nearly 40 per cent of the national supply. The Canadian Hemp Trade Alliance projected a $1-billion hemp industry in Canada by 2025.
The new processing facilities will localize hemp cultivation, fiber processing and composites manufacturing that will be used internationally for vehicles, renewable energy and environmental absorbance.
Invest Alberta Director Brad Fournier called the announcement an indication of Alberta’s increasing local and international investments.
“We see not only investments in Alberta’s hemp sector, but in commitments to the growing clean tech and energy technology as well as a monstrous innovation sector,” he commented.
“This conference is also a clear sign of Alberta’s growing hemp sector supercluster as the industry continues to take root across Alberta, and a sign, in fact, that Alberta’s welcoming business climate is that open for business.”
A timeline for construction of the new facilities has not been made publicly available.
