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Legalise Cannabis WA has committed A$300 million to create a Hemp Innovation Fund ahead of the state election in March.

Mel D’Ath

This funding commitment was made by the party’s regional development spokesperson Mel D’Ath at a policy forum in Mount Hawthorn in front of a number of senior figures from the industrial hemp sector.

Making the announcement, D’Ath stressed the importance of the government getting behind the industry in a meaningful way to maximise its potential.

“At the urging of LCWA, the Cook Government committed to a review of the legislation under which industrial hemp is grown,” she said. “But it has been left to [us] to explain how we can boost the industry from a financial perspective.”

“We know that hemp is one of the most innovative products on the market today. It is being used to build houses… to replace single-use plastics… to clothe and to heal. We also know that there are hundreds of other potential uses to which it can be put.”

D’Ath said a significant portion of the fund would be directed towards research for local companies who want to bring these new and innovative applications to market.  

“That in turn will create jobs, create wealth, and keep both within our communities,” she added.

D’Ath told the audience hemp is a $6.3 billion global industry that is projected to reach over $25b by 2032.

“We have a unique opportunity here in Australia, with our 426 million hectares of agricultural land, to become one of the world’s leading hemp growers, with custom-designed support for those manufacturing hemp products.  

“Already, we are producing hemp for textiles, houses, fence posts, pet, body, wellness and gardening products.”

“To grow that list, we need to grow our production capacity, however. That’s why the Hemp Innovation Fund will also allow us to focus on the expansion of processing facilities in the south west of the state, alleviating any bottlenecks that unnecessarily constrain the industry.” 

LCWA MP Dr Brian Walker said the $300m commitment was fully funded as part of the estimated $1.25b revenue boost predicted from cannabis legalisation.

“We want that money to be spent across the community, but it is only right and proper that a substantial chunk… goes back into the hemp industry, and allows us to make Western Australia a powerhouse in terms of cutting-edge hemp production,” he added.

“}]] Legalise Cannabis WA has committed A$300 million to create a Hemp Innovation Fund ahead of the state election in March.  Read More  

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