Senator Schumer Announces Canopy Growth’s $100-150 Million Investment In Southern Tier Hemp

Schumer: This Project Will Be A Huge Shot In The Arm For The Southern Tier’s Economy And Will Position The Region At The Forefront Of The Industrial Hemp Revolution

NEW YORK: U.S. Senator Charles E. Schumer today announced, following his all-out effort to pass his legislation the Hemp Farming Act of 2018 as part of the bipartisan, 2018 Farm Bill, which was signed into law last December that Canopy Growth will invest between $100 and $150 million in a project to be sited in the Southern Tier. This industrial hemp focused project will make the Southern Tier a hub for processing, research and development. The establishment of a first-of-its-kind hemp industrial park in New York, and one of the first in the nation, will attract various types of industrial hemp-oriented businesses to the region, feature a large industrial hemp processing operation, and provide countless opportunities for the region’s farmers and growers. Schumer explained that this project will bring hundreds of good-paying jobs to the Southern Tier, with the potential to add many more as more industry-oriented businesses locate in the area. Schumer applauded Canopy Growth for choosing New York and seizing the opportunity to be at the forefront of the Southern Tier’s industrial hemp revolution.

“Now that we’ve stripped the burdensome federal regulations and restrictions from industrial hemp, the industry in the Southern Tier is poised to explode with the growing and processing of this exciting new crop that has so many applications, and this major project will help make sure of it. This investment could create hundreds of good paying jobs in the region, help a new industry take root, and serve as a magnet for more companies and industry-related enterprise to locate to the region,” said Senator Schumer. “In addition, this industry and particular project will offer new opportunities for growers and provide a real boon for Southern Tier farmers. I’m proud to announce this major, job-creating investment in the Southern Tier, and will keep fighting tirelessly to support the burgeoning industrial hemp industry in the region.”

The Schumer-backed Hemp Farming Act of 2018 was introduced by Majority Leader Mitch McConnell (R-KY), Sens. Rand Paul (R-KY), Jeff Merkley (D-OR) and Ron Wyden (D-OR), passed and signed into law as part of the 2018 Farm Bill, and does the following:

·       Removes industrial hemp from Schedule 1 of the Controlled Substances Act

·       Empowers states to be the principal regulators of hemp

·       Allows hemp researchers to apply for competitive federal grants from the U.S. Department of Agriculture (USDA)

·       Makes hemp farmers eligible to apply for crop insurance

Industrial hemp is a type of cannabis plant that is grown largely for industrial uses, but it can also be utilized for food, oil, and cosmetic products. Hemp contains a very small amount, typically between 0.2 and 0.3 percent of tetrahydrocannabinol (THC), and while from the same species of plant as marijuana, it has varied widely in use. However, due to the existence of THC in hemp, Schumer explained, both plants were considered “controlled substances” under federal law, meaning the U.S. Drug Enforcement Administration (DEA) was the primary regulator for hemp production. Schumer argued that this narrow view has undermined the crop’s agricultural and economic potential. With the Hemp Farming Act of 2018 passed by Congress and signed into law last year, this unnecessary roadblock has been lifted, and industrial hemp’s significant potential to become a cash crop in Upstate New York’s will be unleashed.

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