Net savings Link Inc. (OTCMKTS:NSAV) has announced that it is planning to make its presence felt in China by indicating that it will be launching a significant Hemp grow operation in the country.
Growing Hemp in Heilongjiang province
The medical cannabis technology company indicated that the anticipated project would comprise of a growing facility as well as the provision of ultra-modern technology to its hemp partners in China.
Net Savings Link has stated the hemp grow facility will be built in Harbin which is the Heilongjiang province capital. Back in 2017, the International Conference on Hemp Industry was held in Harbin, and it was one of the largest such activity to be held in the capital.
Net Savings Link has applied for a Chinese Hemp Grow license, and it is expecting to get approval from the authorities in the next 30 days. The company will join forces in the hemp grow operation with Chinese multinational company AMC Shanghai.
China showing a lot of potential in the hemp industry
Currently, China is the Largest producer of hemp in the world and ye Chinese province of Heilongjiang by 2017 had over 74,000 acres of hemp grow which is an acreage of hemp that is comparable to hemp grow area in the whole of Europe or Canada. There were plans that the officials in the province were to double the acreage of hemp cultivation. Although China has the largest hemp cultivation area, it is nonetheless not the most significant consumer with the U.S. leading in hemp consumption.
Similarly, China is the leading producer of cannabis sativa, and it accounts for over 40% of the production globally. The country has 309 patents relating to hemp and cannabis filed across the globe. The potential presented in China and Net Savings Link’s foothold in the country give the company an edge over its rivals.
Net Savings Link’s President, James Tilton said that after two years of discussions he was thrilled that the company would finally be allowed to grow hemp in China which is excellent news for the company’s shareholders.