HempWave, a hemp cultivator, expects to plant hemp on more than 600 acres in Arizona this year. The company estimates that it could produce as many as 2.1 million pounds of hemp in 2019. At current market rates of $25 per pound (when sold in its raw form), the company’s product would have a market value of approximately $52 million.
Their four initial farms will be located in the Gila River Valley, Eloy and Willcox, HempWave reported. The CEO of HempWave, David Soto, noted Arizona’s prime climate for hemp cultivation as part of the decision to start its operations in the state.
Soto said, “Arizona is an excellent location for becoming one of the country’s premier industrial hemp companies, both legally and from an environmental standpoint. We applaud Arizona’s governor and our legislature for moving so quickly to help Arizona businesses move to the forefront of the unfolding industrial hemp revolution. And we look forward to working with other farmers and landowners throughout the state and around the country to meet the explosive demand for commercial hemp products ranging from legal cannabidiol and CBDs to hemp-based fabrics and building materials.”
HempWave also acquired two Arizona greenhouses totaling 210,000 sq. ft. for hemp nursery operations.