In 2015, New York state launched a pilot industrial hemp program with a 10 company cap on the number of participants. Just this year, this cap has been lifted, allowing unlimited number of participants. New York state seems to be capitalizing off of the hemp craze in different ways, recently shoveling out $650,000 for a hemp processing plant in Binghampton. This comes after the federal government cleared $2 million as s budget for the state-run hemp seed program. An industrial help processing grant created last summer was set for $5 million for help producing projects that qualify. Grants cap at $500,000 for investors. This processing plant reportedly cost around $3.2 million to construct. An Industrial Help Research Forum will be held in February according to officials.
Governor Cuomo of New York is quoted stating “By expanding industrial hemp research, we are opening the doors to innovative ideas that could provide a major boost to our farms and communities, creating new jobs, and laying the foundation for future economic growth,”
Industrial Hemp Processing Grant Details
The Industrial Hemp Processing Grant Fund will provide grants for the machinery and equipment required to process industrial hemp for commercialization in the state of New York. Grants may be a minimum of $10,000 and a maximum of $500,000 for up to 50% of the total project costs supporting capital investments. Grant recipients must match the other half.