Australia's hemp industry is preparing to apply for federal funding through the Cooperative Research Centre (CRC) grants program, with applications expected to open before the end of the year.
The hemp CRC consortium — involving the University of Southern Queensland (USQ), Deakin University, Southern Cross University, the NSW Department of Primary Industries and Western Sydney University — has spent the past year assembling more than 50 industry partners in the lead-up to the application.
Led by Professor Gavin Ash, executive director of USQ's Institute for Life Sciences and the Environment, the bid focuses on examining how hemp could develop into a profitable, sustainable and globally competitive Australian industry.
Should the bid succeed, Ash said it could deliver around A$200 million in value to the hemp and medicinal cannabis sectors over a decade.
He added: "Our bid is for a decade of funding which would result in the biggest single investment in the hemp industry in the southern hemisphere.
"It's an incredibly bold vision that the research and industry consortium have for this CRC, but it's one that's worth very deep consideration and could offer a vast array of benefits to the growth and support of a number of core industry sectors in Australia, and as a result, boost our national economy.
"There's been a long-held view around hemp in our society and it's time to advance how the industry is understood and take advantage of what it has to offer."
Ash also described hemp as an appealing crop choice for Australian farmers, pointing to its fast growth rate, drought tolerance and capacity to sequester carbon.
"It's a high-value crop that enables farmers to diversify their farming systems and also build soil health through crop rotation," he said.
"This focus is about building an industry that has a sustainable supply chain and sustainable outcomes, from supporting the industrial uses hemp lends itself to, through to its known health benefits.
"Ultimately, hemp is a crop of tomorrow and here in Australia we have the land, resources, supportive legislation and expertise… to offer our country a sustainable, profitable and globally competitive industry that is data-driven and based on good science."
Professor Kerryn Phelps — a politician, medical practitioner, author and journalist — has been appointed chair elect of the bid.
Round 24 of the CRC grants program is expected to open for applications before the end of 2022.
For more information, visit hempcrc.com.au.
