Hawaii has eight farms growing industrial hemp under a state-regulated project exploring the viability of the versatile plant as a commercial crop, and an upcoming conference aims to expand and share knowledge on the subject.

The second annual Hawaii Hemp Conference is slated for Dec. 1 at the Hawai‘i Convention Center.

The event’s presenting sponsor, Vespucci Collective Inc., is one of eight farm operations approved by the state Department of Agriculture to test hemp production in Hawaii.

Grant Overton, Vespucci’s CEO and co-founder, said in a statement that hemp holds untold potential for agriculture in Hawaii but also presents challenges in terms of cultivation and having a market to sell the harvested plant.

“Raw hemp biomass usually needs to be transformed into a marketable product, which is largely too expensive for the average farmer,” he said.

The vision of Vespucci, according to Overton, is to build necessary hemp manufacturing infrastructure in Hawaii to enable other farmers to get into the business with a market for their harvest.

Overton also said one of Vespucci’s primary objectives is to share its research on growing hemp. “We’re trying to create a more comprehensive knowledge base for farmers looking to get into the industry,” he said in the statement. “Think of it like a how-to guide for growing hemp in Hawaii.”

Vespucci was granted a license in September to grow hemp on nine acres on Oahu. Four other companies were granted licenses at the same time: Aina Hookupu O Kilauea for two acres on Kauai, Hi20 LLC for 10 acres on Oahu, Lono Holdings for three acres on Hawaii island and Omao Lands LLC for five acres on Kauai.

The five companies followed an initial three 10-acre farms approved by the Agriculture Department in June for Gail Baber and Thomas Pace on Hawaii island and Raymond Maki on Kauai.

The producer of the Hawaii Hemp Conference, Colorado Hemp Co., said speakers will include local agricultural leaders, University of Hawaii researchers, legislators, legal experts and the CEO of a South Carolina company selling hemp products that include topical creams, capsules and vaping oils. Hemp vendors with products are also advertised to be part of the conference.

Doug Fine, author of “Hemp Bound: Dispatches from the Front Lines of the Next Agricultural Revolution,” is billed as the keynote speaker.

Industrial hemp is a member of the plant species Cannabis sativa L., which includes marijuana, but contains a minuscule amount of tetrahydrocannabinol, the psychoactive element in marijuana, and cannot be used to get high.

Hemp does contain the nonpsychoactive compound cannabinol, or CBD, often touted as a having health benefits. Uses of hemp range from seed and oil-based food products to cosmetics, textiles, paper and building materials.

Colorado Hemp Co. cites a Hemp Business Journal estimate that sales of U.S. hemp-based products totaled $820 million last year. The publication projects sales will double by 2021 to $1.6 billion.

About 38 states allow or are proposing to allow industrial hemp cultivation, according to the Agriculture Department. The state’s industrial hemp project is the product of a law passed by the Legislature two years ago, and is intended to assess cultivation methods and explore production and marketing of hemp products.

The cost for the conference is $149, or $219 including lunch and a party. Tickets granting entry to the trade show and exposition hall only are $10 in advance or $15 at the event. More information can be found at HawaiiHemp­Conference.com.