Russian industrial hemp producer Smart Hemp recently announced plans to open a hemp processing factory in Ivanovo, a historic textile region and still one of Russia’s major textile making centres.
Factory Opening Timeline
Company general director Maxim Uvarov said it hopes to open the factory by the end of the year. It aims to expand hemp production to a dozen regions in Russia.
Uvarov said Smart Hemp has reached preliminary deals with buyers from China, and is in talks with Russian buyers about production deals in hemp-cotton blends. The company said it also sees potential in Europe for such textiles.
IPO Plans
“As soon as we mark the launch and prepare contracts, we will start thinking of an initial public offering,” Uvarov was quoted as saying by a global newswire.
Ivanovo is the name of both the region and the regional capital city, located east of Moscow about 300 kilometres. Ivanovo’s textile industry now turns out cotton, worsted and silk goods and clothing.
A number of satellite towns in the area produce cotton and linen, and supporting producers make machinery and dyes for the textile industry.
