It had in July this year received a licence to cultivate industrial hemp on pilot basis -- first licensed project in the country since 1958.
IIHA president Rohit Sharma said the planned investments for cultivation, research, industry establishment and resource management would pave the way for sustainable development for Uttarakhand and the nation.
"The investment from IIHA in industrial hemp cultivation will not only propel the economic growth but also give farmers a great opportunity to live sustainable lives," the statement quoted him as saying.
Hemp can be used for different purposes such as hemp fibre, hemp seeds, hemp medicinal and ayurvedic plant, hemp bio-composite and construction material, hemp warehouse and treatment plan, hemp institute and educational tourism, and hemp bio-ethanol.
IIHA said there was demand of over 1,50,000 tonnes of hemp fibre from the domestic industry.
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