ASX-listed agricultural IoT company CropLogic (ASX: CLI) has appointed two consultants, Green Rush Advisory Group and Green Light Law Group, to advise on the application of its technology to the industrial hemp market in Oregon, USA, a market estimated to be worth $US22 billion by 2022.
CropLogic says research from Grand View Research shows that “the hemp market is driven by an increasing consumer demand for high-quality cosmetics, personal care products, protein supplements, and other health food products that include hemp extracts such as CBD.”
CBD or Cannabidiolis is the hallucinogenic component of cannabis, the recreational use of which is now legal in 10 US states, and Canada.
According to CropLogic, Oregon is the third largest state in the US for industrial hemp production. “CropLogic sees Oregon as a key state for future growth and its agronomy and digital agricultural technologies may be well placed to take advantage of these global trends in hemp and CBD production.” it says.
Green Rush and Green Light will provide a report on the industrial hemp market in Oregon. Based on the findings of the report, CropLogic says it will consider whether to enter the space in the Oregon 2019 growing season.
CropLogic CEO James Cooper-Jones said: “CropLogic is focused on seeking out and expanding the crops that we target and furthering our understanding on how we can service new industries and integrate our farm management, agronomy and digital AgTech experience.
CropLogic collects field sensor data, climate data and aerial images and processes the data in the cloud to deliver optimised, daily input prescriptions to growers in the format of their choice. It claims that its services are underpinned by “30 years of scientific research in forecasting plant growth by Plant & Food Research, New Zealand’s premier national food research company.”
“CropLogic offers growers of irrigated crops with digital agricultural technology expertise based upon scientific research and delivered with cutting edge technology – science, agronomy and technology interwoven into an expert system for decision support,” it says.
The company launched its service into Washington State, USA in 2017 and in some crops claims to be providing services to 30 percent of the yield.
