On November 4, 2017, the Amendment to Belize’s Misuse of Drugs Act effectively eliminated industrial hemp from the list of controlled substances, thus opening the door for hemp cultivation, and subsequent value-addition mainly for export. Since the new Amendment, BelizeINVEST, a unit of BELTRAIDE, has received several hemp investment interests seeking to develop hemp-based products such as oils, protein-rich powders, textiles, Cannabidiol (CBD), among others.
In creating the enabling environment for these investment interests, the Government of Belize (GOB), along with key stakeholders in the form of a task force, consolidated efforts to provide guidance and governance for the industry in the form of an Industrial Hemp Policy, gazetted on August 17th, 2019 – to later serve as a framework for the Industrial Hemp Regulations. These efforts included several stakeholder sessions aimed at addressing each level of the potential hemp value chain; from cultivation, harvesting, processing, and transportation.
The Belize Agricultural Health Authority (BAHA), under the direction of the Ministry of Agriculture, is working diligently with investors interested in acquiring the requisite permits for the eventual commercialization of hemp products in Belize for potential export markets
As of today, industrial hemp can be used to produce over 25,000 products in roughly nine submarkets: textiles, recycling, agriculture, furniture, automotive, paper, food and beverages, construction materials, and personal care. For a detailed breakdown on some of the many investment prospects introduced by this industry, please see the image below:
Furthermore, these opportunities are further augmented by a growing global Industrial Hemp Value Chain, which will allow for the fruition of countless opportunities to manifest in many farmers across Belize.
With extensive acreage available in country, among other key competitive advantages, the investment opportunities for this industry are truly endless. For more information on the industrial hemp industry and investment opportunities, contact our team at BelizeINVEST, a unit of BELTRAIDE at email@example.com or call us at +501-613-0152.