Maintaining tight control on the industrial hemp industry is important – ANZ CEO

Maintaining tight controls on exactly what is being produced in the industrial hemp industry is important to ensure Fiji maintains its reputation as a premium holiday destination.

This has been highlighted by the ANZ Bank Country Head, Rabih Yazbek during the post budget panel discussion at the Reserve Bank of Fiji.

He says he is really excited for the brand new industry the government has decided to throw its weight behind as by amending the Illicit Drugs Control Act and distributing seeds to farmers in order to start an industrial hemp industry, it is going to add a new limb to the diversification plan.

Yazbek say when it comes to diversification, we have to aim at sectors where there is a natural competitive advantage and Fiji has arable land when it comes to growing a crop like hemp.

The banker adds the government has stressed production is limited to the strands that produce less than 1% THC concentration.

He says this means recreational and illicit use will not be permitted and that deals with a lot of the social impact concerns which is a big plus to the way this has been rolled out.

Yazbek adds the challenge is going to be the supply which can be solved through a co-operative set up or larger commercial agricultural ventures.