AgEagle to Offer Statewide Hemp Cultivation Oversight and ComplianceSolution for Regulators, Growers and Processors
NEODESHA, Kan., May 30, 2019 — AgEagle Aerial Systems Inc.(NYSE American: UAVS), an industry leading provider of advanced aerial imagery, data collection and analytic solutions for the sustainable agriculture, precision farming and urban green management markets, announced the introduction of HempOverView, a proprietary web and map-based technology solution designed to aid U.S. state and territorial departments of agriculture in efficiently optimizing oversight, compliance and enforcement of the new hemp cultivation industry fast emerging in the United States.
In December 2018 with the passing of the 2018 Farm Bill, industrial hemp is now recognized as an agricultural commodity, such as corn, wheat or soybeans. Consequently, 2019 marks the year farmers and regulators, alike, must collaborate on building an efficient market for the production and sale of hemp. Historically, hemp was an underpinning of American agriculture from the 17th century through the early 1900’s. This recent change in modern policy is expected to restore the legacy of American hemp production as a prolific and highly sustainable crop staple.
In fact, according to research firm Frontier Data’s Global State of Hemp: 2019 Industry Outlook, 2018 sales of hemp worldwide were driven by continued strength in Chinese textiles, European industrials, Canadian foods and the U.S. hemp-derived CBD market. However, continued demand in the CBD market “will be the main driving force behind the global hemp market’s continued growth,” which the firm estimates will reach $5.7 billion by 2020.
Barrett Mooney, Chief Executive Officer of AgEagle, stated, “While this exciting new industry is likely to yield greater tax revenues for states – particularly given increasing demand for high quality hemp used in production of CBD products, state regulators will also have to contend with complex challenges and emerging issues that come with regulating a new industry. Growers need to be licensed, crops need to be monitored and inspected, and enforcement operations must be established to ensure compliance with anticipated new state and federal mandates.”
Continuing, Mooney added, “Today, FarmLens™, AgEagle’s proprietary data analytics solution, is relied upon by the commercial farming and sustainable agriculture markets; and has, to date, processed more than 1.3 million acres of crops and 53 different crop types being cultivated in 50 countries worldwide. By leveraging AgEagle’s proven FarmLens technology solution and adapting it to effectively address the specs required for hemp cultivation oversight and compliance, we believe that HempOverView can win distinction as the industry’s preferred and standardized, data and map-driven solution. The platform largely removes the guesswork from hemp regulatory oversight while simplifying the monitoring and management of hemp cultivation programs for any state, territory and tribal nation in the country seeking to capitalize on the opportunity that hemp production now represents.”
The HempOverView solution combines the simplicity of a web-based data collection and management app with the power of map-based aerial imaging technology. State administrators and growers may connect and maintain proactive two-way communications and collaborate on developing best practices for hemp cultivation registration/permitting, planting/harvesting planning, regulatory oversight and compliance enforcement. Moreover, anticipated benefits for state administrators include lower program management costs, new revenue channel development, real or near real-time remote, centralized oversight of hemp fields, and much more.
“Considering AgEagle is widely viewed as a leading innovator and trusted solutions provider of advanced aerial image-based data collection and analytics solutions for the traditional commercial farming sector, it is only logical that we apply our expertise, experience and technological know-how to meet the emerging needs of this exciting, new sector in U.S. crop production,” concluded Mooney.
AgEagle has recently published an industry white paper, titled Revitalization of U.S. Hemp Cultivation: Leveraging Innovations in Agricultural Technology to Streamline State Regulatory Oversight & Enforcement of a Budding Industry, which is available for download at https://www.ageagle.com/state-regulated-hemp-cultivation.
To learn more about HempOverView, please connect with us through our website found at www.ageagle.com.
About AgEagle Aerial Systems, Inc.Founded in 2010 and based in Neodesha, Kansas, AgEagle was created to pioneer, innovate and advance aerial imaging data collection and analytics technologies capable of addressing the impending food and environmental sustainability crises that threaten our planet. The Company’s daily efforts are focused on delivering the metrics, technological tools and strategies necessary to define and implement intelligent sustainability, precision farming and urban green monitoring and maintenance solutions that solve important problems. More specifically, AgEagle designs, produces, distributes and supports advanced small unmanned aerial vehicles (UAVs or drones) supported and enabled by leading-edge aerial imagery and data collection and analytics solutions. For more information, please visit www.ageagle.com.
Contacts:Gateway Investor RelationsCody SlachSean MansouriPhone: 949-574-3860Email: UAVS@gatewayir.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ab19682c-d98a-4518-ad07-6bb8625b93cc
Sign up to receive updates directly to your inbox.