31 January 2025
Funding the Growth of WA's Hemp Industry with $300m
The Legalise Cannabis Party has made a signature funding commitment ahead of the March state election, committing $300m to create a Hemp Innovation Fund.
This substantial funding commitment, made at a policy forum in Mount Hawthorn in front of some of the biggest names in the industrial hemp sector, will maximise the potential of our local hemp growers and associated businesses.
Making the announcement, the party’s Regional Development spokesperson Mel D’Ath stressed how important it was for government to get behind the industry in a meaningful way.
“At the urging of the LCWA, the Cook Government committed to a review of the legislation under which industrial hemp is grown,” Ms D’Ath reminded her audience. “But it has been left to the Legalise Cannabis Party to explain how we can boost the industry from a financial perspective.”
“We know that hemp is one of the most innovative products on the market today. It is being used to build houses. It is being used to replace single-use plastics. It is being used to clothe, and to heal.”
“We also know that there are hundreds of other potential uses to which it can be put, and we envisage that a significant portion of the fund will be used to find start-up and research grants for local WA companies who want to bring these new and innovative applications to market. That in turn will create jobs, create wealth, and keep both within our local communities.”
“Hemp is a $6.3b global industry at present, and is projected to reach over $25b by 2032,” Ms D’Ath explained.
“We have a unique opportunity here in Australia with our 426 million hectares of agricultural land to become one of the world’s leading hemp growers, with custom-designed support for those manufacturing hemp products. Already, we are producing hemp for textiles, houses, fence posts, pet products, body products, wellness products, and gardening products.”
“To grow that list, we need to grow our production capacity, however. That’s why the Hemp Innovation Fund will also allow us to focus on the expansion of processing facilities in the South West of the state, alleviating any bottle-necks that unnecessarily constrain the industry.”
Hon. Dr Brian Walker MLC, the Party’s Parliamentary Leader here in the west, confirmed that the $300m commitment had been fully funded as part of the estimated $1.25b revenue boost predicted from legalisation.
“We want that money to be spent across the community, but it is only right and proper that a substantial chunk of the additional revenue achieved by government goes back into the hemp industry, and allows us to make Western Australia a powerhouse in terms of cutting-edge hemp production.”
Georgina Wilkinson, from Margaret River Hemp Co and Hemp Homes Australia says "Backing the Industrial Hemp Industry with innovative hemp products will be a game changer for Western Australia’s housing and textile industries"
"Unlocking a billion-dollar market for eco-friendly, locally produced materials - WA is in a unique position to be the first state to do this."
ENDS