Peter thanked Gov. Ralph DLG Torres for signing into law House Bill 21-55 or the Hemp Industry Act of 2019 which is now Public Law 21-25. It allows the Department of Lands and Natural Resources-Division of Agriculture to regulate the hemp industry in the CNMI “consistent with the federal requirements.”
Marco Peter In an interview, Peter said with the CNMI’s tourism industry “currently on pause” due to the Covid-19 pandemic, the timing of the enactment of P.L. 21-25 “couldn’t have come at a more opportune time.”
“Local businesses and future entrepreneurs have a chance to take part in this booming global hemp market that was estimated at $4.71 billion in 2019,” he added.
Peter said there are four economic benefits of the hemp industry — job creation, cost effectiveness of cultivation, exporting opportunities, and the creation of many useful products such as paper, wood, soy substitute, auto manufacturing parts, beauty and skincare products, clothing, food and beverages (i.e. hemp milk) and cannabidiol or CBD products.
He said “the CNMI export market will be a factor in the coming years, since the legalization of CBD for medicinal use has passed in South Korea, with other Asian countries following suit.”
“A combination of creativity and innovation will set up the CNMI for great success in the hemp industry,” he added.
Hemp is similar to marijuana, but its tetrahydrocannabinol or THC level is less than 0.3% and it is grown specifically for industrial purposes. Marijuana’s THC level ranges between 5% and 35%.
