Lithuania's Upper House Signals Plan To Create $118M Hemp Market

The upper house of Parliament in Lithuania, called Seimas, recently approved a series of amendments signifying a plan to enable both the production and sale of products using all parts of the hemp plant, reported Hemp Today. 

What Happened

On May 20, the Lithuanian Ministry of Agriculture approved amendments to the current law from 2014 that oversaw hemp farming. The Seimas approved the changes in a 92 to 8 vote, with 18 deputies abstaining. 

Final approval is still needed from Lithuania's President Gitanas Nausėda, but the plan is expected to be approved. 

Once signed, the law would legalize the production and sale of items derived from certified industrial hemp varieties with a maximum of 0.2% THC. A complete set of rules will be created in the coming year. The agency that will oversee the project is to be chosen soon although it is expected to be the Lithuanian Department of Drugs, Tobacco and Alcohol Control. 

Why It Matters – Creating €100M Industry 

Backers of the law noted that full legalization of industrial hemp could result in the formation of an industry that will produce up to €100 million ($118 million) in sales. 

Mykolas Majauskas of the conservative Homeland Union party, an initiator of the amendment, said the new regulation will benefit farmers, hemp processors and consumers by providing them with a “measure of security,” writes the Hemp Today. 

 “We are one of the largest growers of industrial hemp in the EU. Now we will not only be able to export raw materials but also produce CBD products and create added value jobs in Lithuania,” Majauskas said.

Currently, only food products with or derived from hemp seeds are legal in Lithuania. CBD is banned, although it is available on the gray market.

Photo by Mark de Jong on Unsplash