Colorado May See an Increase in Hemp Plastic, but What is it?
The areas include manufacturing electric planes, expanding farming operations, aiding in multi-family construction projects, and production of hemp-based bioplastics.
How Would Colorado’s New Tax Incentives Help the Hemp Industry?
The total amount of tax incentives that were approved on Thursday, October 20, 2022, equates to $6.94 million. One of the companies that may be receiving some of this money is known as Project Dunia which manufactures hemp-based bioplastics. The company will need $20 million and may receive over $200,000 of the tax credits if it decides to land in Colorado’s Weld County instead of its other option which is in Texas.
What is Hemp-Based Bioplastic?
According to Dr. Benjamin Caplan of the CED Clinic, hemp-based bioplastic is a “strong, durable, and environmentally-friendly" alternative to plastic as we know it.
It decomposes completely in less than a year, absorbs carbon dioxide and converts it into oxygen, and is made from a fiber that can be 10x stronger than steel.
While hemp-based manufacturing once thrived in the United States, things like 1951’s Boggs Act and 1970’s Controlled Substances Act effectively criminalized marijuana and put a stop to hemp production, instead leaving the country to rely on oil-based plastics.
However, recent strides have been made with regard to marijuana and hemp production and Colorado may, quite possibly, be at the helm once again.