AgEagle Aerial Systems Introduces HempOverView
May 30 2019 - 8:30AM
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
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