Irish farmers wanting to grow hemp for cannabidiol (CBD) products are being offered loans by a start-up company that has secured €4.5 million in funds.
Due to the connection with cannabis many farmers find banks reluctant to give financing for hemp production despite the growing popularity of products.
Greenheart CBD, based in Co Meath uses drones and artificial intelligence to help maximise crop cultivation by continuous plant health monitoring. The company already has more than 2,500 customers since it launched in January 2020.
CBD is a compound found in the cannabis sativa plant and is less well known than the active ingredient in marijuana – tetrahydrocannabinol (THC).
The company already has a Government licence to grow hemp with Co Wicklow farmers and has created a line of organic CBD products for consumers.
Now founders Paul Walsh and Mark Canavan are looking to expand their supply chain after signing a major distribution contract with Uniphar.
Farmers can sign up for a package that allows them to start growing hemp immediately. As well as seeds, they receive a drone and other smart technology to produce the best crop and Greenheart buys the crop.
According to Mr Walsh, its model could transform the livelihoods of farmers, while also providing the company with high-quality hemp that is fully traceable back to seeds.
LSL News.