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Hemp Production in Russia Would Have $ 3.4 bln Turnover a Year
29.09.2011 11:54
Hemp Production in Russia Would Have $ 3.4 bln Turnover a Year

The revival of hemp growing traditions in Russia would have 100 bln Rubles (about $ 3.4 bln) annual turnover and create 1 mln jobs.

The Federal Drug Control Service of the Russian Federation has suggested growing narcotic-free hemp in production quantities. The production turnover may reach about $ 3.4 bln a year.

Narcotic-free hemp can be used as biofuel source, as means of land rehabilitation, in cellulose, smokeless powder and hemp production, in medical and chemical industries and others, said  the Director of the Federal Drug Control Service of the Russian Federation Victor Ivanov.

“The sum of investments may reach about 10 bln Rubles (about $330 mln). These means could be found in the budget, without cutting up on other expenses. This may become one of the major innovation projects, at the moment there are more than 25 of them,” added the Director.  

The ban on growing and selling hemp in Russia was introduced in 1960. Now Russia is one of the largest importers of hemp fibers, what makes up about some million tons a year.

Author: Irina Fomina

Tags: Russian business Russian production    

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