ICBC reports……A number of countries around the world still prohibit hemp production, however, a growing list of countries are allowing farmers to legally cultivate the versatile plant, with the latest being the nation of Paraguay. Per La Nacion:

On Monday, the Executive Branch announced that President Mario Abdo signed the regulatory decree for the controlled production of industrial hemp or cannabis. It establishes that family farming producers can grow it.

The policy change allows every family in Paraguay to cultivate up to a maximum of two hectares of low-THC industrial hemp. Two hectares equates to slightly under 5 acres.

Each hectare of industrial hemp in Paraguay is valued at roughly 10,000,000 Paraguayan Guarani, which converts to roughly $1,545.00 USD.

If a family in Paraguay can successfully cultivate and harvest 2 industrial hemp crops annually, that’s a significant income boost considering the per capita GDP in Paraguay ($9,826 USD).

Paraguay’s industrial hemp industry model is very interesting in that it is built on a cottage industry model.

Out of a population of roughly 7 million people, it is estimated that as many as 25,000 families will take advantage of the recent policy change.