Far North grower sees vast potential in hemp
IN a world where climate change and carbon footprints are not just buzzwords but sustainable business pillars investors seek out, one agricultural crop could change the landscape of the Far North farming industry.
Technology guru and agriculture entrepreneur Damir Lovrincevic is currently on a six-month sabbatical to explore business opportunities in Europe within the hemp industry.
“I’ve applied for a licence to grow and research hemp products in Croatia,” he said.
“The scope of the industry here allows the opportunity to use the entire plant of industrial hemp for the construction, textile and cosmetics industry along with auto industry, paper industry and biomass fuel production.
“The commercial opportunities are endless.”
Mr Lovrincevic said his late father, Dusan, introduced him to the concept of farming hemp and he hoped to replicate the European processes he is learning in Far North Queensland Australia in 2020.
“At present, I’ve got a small greenhouse set up on an industrial site but hope to expand to more than 33 acres,” he said.
“Scaling up will depend on how successful the growing and research techniques are within the first two years.
“I have a licence to grow hemp on a 400 acre property west of Cairns near Dimbulah but I’m yet to commence production at this site.
“The return on investment in Europe surpasses Far North Queensland at present.
“For example, there is access to a 500 million person economy in Europe compared to 25 million people in Australia. And the legislation and regulation environment is advanced in Europe compared to Australia.”
The Far North site would be used initially for processing hemp, Mr Lovrincevic said.
“Ideally at first it would be used to provide the Australian markets with seeds and fibre,” he said.
“For expansion – that would depend on the current legislative environment and what the global market requires, as well as allowing for a broader use of hemp. I won’t rule anything out for now.
“From what I’ve experienced and the industries that I’ve discussed opportunities with it’s the new ‘It’ factor. Industries are exploring ways to reduce their carbon footprint along with being socially economically responsible.
“Hemp ticks a lot of boxes for industries and I’d encourage Australian business and all levels of Australian government to get on board.
“The potential for Far North Queensland and Australia is unparalleled.”
Mr Lovrincevic, a former St Augustine’s College student, applied for a licence to grow hemp in Queensland in 2017 and has visited businesses in the US and Canada for research purposes.