Russia-based industrial hemp producer Smart Hemp lately revealed plans to open a hemp processing factory in one of Russia’s major textile-making centers, Ivanovo.
Maxim Uvarov, General Director of Smart Hemp said it hopes to open the factory by the end of 2021. It purposes to increase hemp production to a dozen regions in Russia.
Uvarov added, the company has reached initial deals with buyers from China and is in discussions with Russian buyers about production deals in hemp-cotton blends. Smart Hemp said it also sees potential in Europe for such textiles.
“As soon as we mark the launch and prepare contracts, we will start thinking of an initial public offering,” Uvarov said.
