The Legalize Cannabis Western Australia (LCWA) party plans to invest $300 million in the hemp industry if they win the state election in March. If this happens, it will make Western Australia a global leader in hemp production.
Mel D’Ath, the party’s regional development spokesperson, announced this during a policy forum in Mount Hawthorn. She told industry leaders that they need strong government support to unlock hemp’s full potential.
D’Ath also explained that LCWA would establish a “Hemp Innovation Fund” supporting research, innovation, and production in the state’s Southwest.
The reason for this support for the hemp industry is simple. Hemp is recognized as one of the most innovative products available today, with applications ranging from building houses and replacing single-use plastics to producing clothing and wellness products.
The plant’s versatility doesn’t stop there. There are countless other potential uses for hemp that have not even been discovered yet.
The $300 million fund will mainly focus on research and infrastructure. A big part will support local companies in creating construction materials. It will also aid in developing eco-friendly options and new hemp-based products. This will create jobs and boost local economies. The fund will also be used to establish new processing facilities to support industry growth.
According to D’Ath, the current global value of the hemp industry is $6.3 billion. And it is going to cross $25 billion by 2032. She emphasized Australia could be a leading hemp grower. It has 426 million hectares of agricultural land available for farming. Hemp is already used to make many products. These include textiles, construction materials, fence posts, pet supplies, body care items, wellness products, and gardening tools. Expanding production capacity is essential to increase this range further, D’Ath argued.
LCWA MP Dr. Brian Walker assured the public that the $300 million commitment will be fully funded. This funding will come from the estimated $1.25 billion revenue expected from cannabis legalization. According to him, investing in the hemp industry is a natural next step. He said that LCWA wants a big chunk of the money to go back into the hemp industry. This will help make Western Australia a leader in hemp production.
Now it all depends on the election results in March. If LCWA wins, Western Australia could become a global hub for hemp-based innovation and production. If not, then it could be a long time before the hemp industry sees such massive investment.