Is the official hemp business possible in Ukraine? Who can participate in it and how much can you earn?
Cannabis or hemp is an annual plant. Previously, it served as food, paper, rope, rope, thread, clothing, and shoes. In 1961, the United Nations Single Convention on Narcotic Drugs added cannabis to the list of plants containing narcotic drugs. All States parties have an obligation to strictly control their cultivation.
On the last day of January, Acting Minister of Health Ulyana Suprun called on the public to sign a petition on the legalization of cannabis preparations for medical purposes. A public petition to legalize marijuana dates back to October 2018.
Since then the petition has garnered only 7,000 votes, with 25,000 required for further consideration. Suprun claims that it is time for Ukraine to follow the example of other countries and legalize marijuana for medical and scientific purposes.
Hemp in Ukrainian
Apart from Ukrainian scientists are in solidarity with Suprun. Back in 2017, they wrote an open appeal to the government about the impossibility of conducting scientific research of cannabinoids in Ukraine under the existing legislation.
The government has included solutions to this problem in the 2018 work plan, but so far nothing has been solved.
In fact, Ukraine already has a fairly good production of cannabis. However, only technical, which produces fabrics. Also, legally, farmers can earn on the production and export of cannabis seeds. Oil production has its base on these materials.
Permits to grow cannabis in Ukraine
Approximately three dozen enterprises in Ukraine have permits for growing cannabis. About ten companies sow this crop on an area of about 3000 hectares. Oleksandr Ignatyuk, the president of the Ukrainian Technical Hemp Association, explains such insignificant volumes by the fact that there are practically no facilities for processing this crop in Ukraine.
The second factor is that agribusiness is very risky because of the increased attention to hemp growers of law enforcers. In Ukraine, the use of marijuana (produced from hemp) is not legal. But the production, distribution, transportation, and sale of cannabis is legal.
According to Ignatyuk, cannabis is a high-margin crop. Seed production provides $500-700 per hectare for a 50% profit margin. If the production waste has its process, the earnings will increase to $2,000 per hectare, he adds. But the seed and the trust are trifles if to compare it with leaves and inflorescences, where one hectare can earn up to $100,000, the National Academy of Agrarian Sciences has calculated.
You can not earn money on the curative properties of cannabis in Ukraine. Its “recreational properties” is not a subject for industrial production of culture before its legalization.
Marijuana as a cure
The most common reason for the legalization of cannabis herb in the world is the use of cannabis for medical purposes. You can find treatment for cannabis herb in Poland, Germany, Croatia, Denmark, Finland, Norway, Australia, the Czech Republic, Turkey, Cambodia, Zambia, and Zimbabwe, as well as Jamaica.
You can take five grams of marijuana for treatment in Argentina. Chilean pharmacies have been selling cannabis since 2017. Israel legalized medical cannabis last year. Medical cannabis herb is also legal in Macedonia, Croatia, Romania, New Zealand, Puerto Rico, and several other countries.
(Featured image by Botanical Rising)
First published in biz.liga, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Neo-banks are changing how we save and spend
The financial sector has entered a period of unprecedented upheaval. Entrenched assumptions and practices are being challenged by novel fintech...
KfW and Allianz launch fund for joint investments in African companies
KfW Entwicklungsbank, together with Allianz Global Investors has set up a fund that will provide financial resources to support African...
Brazilian fintech company, Neon receives $95 million investment
The Brazilian fintech company, Neon has received a new round of investment of $95 million (BRL 400 million). The investment...
Is it profitable to invest in Bitcoin?
Despite turbulence Bitcoin’s value is growing. In 2009, you could buy from 700 to 1600 coins for just 1$. Bitcoin...
Investors are increasingly focusing on Chinese opportunities
A recent study by the Economist Intelligence Unit has looked into China’s exposure to global investors and found that it...
- Cannabis5 days ago
Israel bets on the medical cannabis sector
- Cannabis6 days ago
Veritas Farms and FounderMade showcase the potential of the U.S. CBD beauty industry
- Featured6 days ago
China’s economic slowdown troubles German companies
- Featured6 days ago
Uber is launching a new financial service, Uber Money