FAMU could find its signature royalty-producing commercial product through industrial hemp

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Back in 2014, the U.S. Farm Bill permitted states to launch pilot projects that could include growing industrial hemp and selling hemp-based products.

A 2017 report by the Congressional Research Service explained that hemp comes “from the same species of plant, Cannabis sativa, as marijuana.” It added that “the global market for hemp consists of more than 25,000 products in nine submarkets: agriculture, textiles, recycling, automotive, furniture, food and beverages, paper, construction materials, and personal care.”

A new law on “Industrial Hemp Pilot Projects” authorizes Florida A&M University and the University of Florida “to cultivate, process, test, research, create, and market safe and effective commercial applications for industrial hemp in the agricultural sector in this state.”

This gives FAMU a head start to possibly find its signature royalty-producing commercial product through the industrial hemp market.

At UF, Gatorade has brought hundreds of millions in royalties to the university. It was invented a team of UF scientists back in 1965.

A 2015 article in the Gainesville Sun reported that since 1974 “UF has been rewarded generously by that association, reaping more than $280 million in royalties from Gatorade, money that has been re-invested into research, laboratories and business incubators… And as Gatorade sales grew, UF benefited. Today, the university gets about $17 million a year in royalties.”

A number of potential investors have already contacted FAMU to express interest in partnering on industrial hemp opportunities.

“There are a lot of companies that would like to get on board,” FAMU College of Agriculture and Food Sciences Dean Robert Taylor told the Capitol News Service.

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