From new jobs to a brighter and sustainable future, New York State is paving the way for new business opportunities. Here’s a look at four key industries that are driving growth and innovation across the state.
Industrial Hemp Farming
Industrial hemp has been cultivated for thousands of years, grows incredibly fast, and has myriad industrial uses. From building materials and biodegradable plastics to personal care products and fuel, industrial hemp has long been prized as one of the most versatile crops. Thanks to a significant investment from New York State and recent partnerships with Upstate farmers and top university researchers, industrial hemp’s return to the fields of New York State has the potential to bolster the agriculture economy and bring additional jobs and exciting business opportunities to a host of related industries. In July 2017, Governor Cuomo introduced legislation that solidified industrial hemp as an agricultural commodity in New York State. Up to $10 million in grant funding was also made available to aid farmers, researchers and processors embarking on industrial hemp cultivation. This year, more than 60 farms and businesses received research permits for the 2018 growing season under the State’s Industrial Hemp Agricultural Research Pilot program. And while it remains an emerging industry in 2018, industrial hemp could soon be New York State’s next cash crop.