The NVK-Hemp in Russia company will implement a project to establish a RUR 1 bln ($15.4 mio) hemp processing plant in the Pilninsky District of the Nizhny Novgorod region; more than 90% of the funds will be attracted from investors.
Another company, Rassvet, will set up a berry garden, securing the company a significant share of the fresh berries market. Investment in the project will approach RUR 900 mio. Almost three quarters of financing will come from investors.
Zelyony Gorod will build a fruit and vegetable farm for to RUR 360 mio ($5.5 mio), with 80% of the funds provided by investors.
All these projects have already been approved by local authorities.
“Hemp cultivation is historically one of the leading industries for Russia; however, in the 1960s, this activity was largely restricted due to Russia’s accession to the convention on narcotic drugs,” explains Natalya Chizh, an agricultural and food market analyst. “The industry began to revive only in the 2000s.”