How 2020 changed the cannabis industry

Looking to the future

In September, the Hemp Manifesto was launched, put together by experts such the British Hemp Alliance, Beyond Green and Unyte and calling in the UK Government to tap into the substance’s true potential.

The manifesto was delivered to Number 10 campaigners also spoke directly to Michael Gove – former environment secretary and self-proclaimed reformed environmentalist – about what hemp can do for the British climate.

This year also marked the unveiling of plans for the UK’s first £30m state-of the art hemp processing plant in the East Midlands. Unyte said the project will be the first of its kind in the UK, growing 5,000 acres a year, with the ability to produce 25 tonnes a day – 10 times the current market’s capacity.

Echoing this, in November, London-based investment firm Chrystal Capital Partners revealed it expected the global cannabis industry to be worth $350bn in the next 10 years, generating ‘trillions’ of dollars in shareholder value.

The firm launched the $100m Verdite Capital Fund – Europe’s largest cannabis-focused investment fund – in October, with plans to take it to $200 million through later fundraising.