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.
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.