- The world’s leading firm in consultancy for the promotion of hemp-related businesses announces that Ecuador is about to enter the global investment map in this sector.
- Hemp has great potential to develop the Ecuadorian textile, biofuels, paper, cellulose, bioplastics, lubricants, cosmetics and medicine industries, among others.
- HLG estimates that as soon as reforms to the Comprehensive Criminal Code and other secondary laws are issued, Ecuador could expect substantial foreign investment.
Denver, USA.- The Hoban Law Group sent a congratulatory statement to the Government of Ecuador and the National Assembly, for “laying the legal foundation” for developing the hemp industry, which currently moves more than 50 billion dollars worldwide.
Jeff Frazier, HLG Director for Latin America, and Xavier Valverde Carcache, HLG’s representative for Ecuador, highlighted the vision of economic, social and environmental development of what may be a new economic boom for the country.
“The cultivation and production of hemp is considered, worldwide, as the new industrial revolution because of the amount of uses it has to promote sustainable development. According to Forbes magazine, this crop is on its way to conquering the agriculture of the future and already shows its potential in the world,” Valverde said.
Jeff Frazier indicated, from Denver (HLG headquarters), that the news coming in from Ecuador is encouraging and that they expect the relevant legal reforms to be implemented to start with the investments, which could reach the $200 billion dollars in 2020.
“We call on the State of Ecuador to open the doors to this new economic activity, which has a positive economic, social and environmental impact. It will be a great engine of employment and industrial and technological development,” Frazier said.
Lawyer Valverde indicated that dozens of companies in the world are waiting for the implementation of legal reforms in Ecuador, to start the purchase of land in the country and begin the phase of crop testing and, subsequently, develop large-scale cultivation and industrialization.
Hemp has great potential to develop in Ecuador multiple industries including:
- Textile fibers.
- Materials of bioconstruction.
Rodrigo Jordán, VP Maruri-Grey Ecuador, 0995 602 882.