Binghamton Research Days Student Presentations
Ninyo_Jared.pdfThe Rise of the Binghamton Hemp Industry
The Rise of the Binghamton Hemp Industry
Jared Ninyo (First-year, Psychology)
Jared Ninyo (First-year, Psychology)
Mentor: Valerie Imbruce, Environmental Studies
Mentor: Valerie Imbruce, Environmental Studies
Abstract
The business of industrial hemp, while young and ripe with obstacles, is poised to become a multi billion dollar industry. Hemp, a form of cannabis testing below 0.3% thc with hundreds of potential uses, was only federally legalized in the US in 2018. Despite being such a young industry in the US, the value of the global market has already become worth more than four billion dollars (Grand View Research, 2020), with a large portion of the market centered around the United States. When discussing hemp in the North-East region of the United States, many would cite Broome County as an epicenter of sorts as the industry continues to expand. Broome County is home to multiple hemp companies, countless licensed hemp growers, and a supportive political and residential population. The question that must be asked is why? What about Broome County has allowed it to thrive in this industry and grow so rapidly in it? As the proliferation of an industry of this scale is rare, it is important to examine the factors that have enabled it to become successful in certain areas. Through analyzing primary and secondary sources, as well as conducting interviews and participant observations, this paper attempts to identify the necessary and optimal characteristics that Binghamton possesses that can has allowed it to become so successful in the industrial hemp industry, to be used as reference for future companies, workers, and entrepreneurs in the hemp business.
Abstract
The business of industrial hemp, while young and ripe with obstacles, is poised to become a multi billion dollar industry. Hemp, a form of cannabis testing below 0.3% thc with hundreds of potential uses, was only federally legalized in the US in 2018. Despite being such a young industry in the US, the value of the global market has already become worth more than four billion dollars (Grand View Research, 2020), with a large portion of the market centered around the United States. When discussing hemp in the North-East region of the United States, many would cite Broome County as an epicenter of sorts as the industry continues to expand. Broome County is home to multiple hemp companies, countless licensed hemp growers, and a supportive political and residential population. The question that must be asked is why? What about Broome County has allowed it to thrive in this industry and grow so rapidly in it? As the proliferation of an industry of this scale is rare, it is important to examine the factors that have enabled it to become successful in certain areas. Through analyzing primary and secondary sources, as well as conducting interviews and participant observations, this paper attempts to identify the necessary and optimal characteristics that Binghamton possesses that can has allowed it to become so successful in the industrial hemp industry, to be used as reference for future companies, workers, and entrepreneurs in the hemp business.