Elixinol (ASX: EXL) has been granted CBD Processor Research Partner Authorization by the New York State Department of Agriculture and Markets, as part of the States Industrial Hemp Agricultural Research Pilot Program.
The industrial hemp market is being nurtured by New York State and Governor Cuomo, by supporting new cultivation opportunities. The purpose of this research project is to focus on developing basic agronomic and production cost information for growing industrial hemp at scale in different locations under New York State conditions.
Gabriel Ettenson, President and Co-Founder of Elixinol, said “We are excited to continue to scale our production and efficiency, whilst supporting the state of New York’s economy. As a life-long New Yorker myself, and as someone who built my first business in the State, I know the CBD industry will continue to benefit New York greatly.”
Elixinol will be able to sell the hemp on the open market for further processing, which will contribute price data to the research. In total, the agronomic, cost-of-production, and business data will be analysed to inform production decisions related to future growth in the industry.