The Union of Ukrainian Entrepreneurs Awarded Kyiv Post Reporter with Special Recognition Award

The feature about Ma’rijany Hemp Company constructing a hemp factory in Ukraine won special recognition from Ukraine's business association, the Union of Ukrainian Entrepreneurs, for “quality coverage of Ukraine's business for an international audience,” in a competition among Ukrainian business reporters in November 2024. 

The feature, called “Ukrainian Company Is Building Europe’s Largest Hemp Factory”, tells a story about Ukraine-based investor Andrii Mykytiv who decided to start the business of hemp fiber manufacturing months after Russia’s invasion in Ukraine started. 

Mykytiv and his top management team, Ma’rijany Hemp Company commercial director Ihor Didok and Deputy CEO Oleksandra Fidkevich, believe that Ukraine should revive the use of a crop long thought dead. 

It can be used with a vast variety of purposes: clothes, paper, parachutes, military uniforms, upholstery, furniture fabrics, bed sheets, rope and more. The leftovers – “shives” or “hemp hurds” – can be used for insulation boards and horse bedding. 

“The average investment capital [to start hemp production] is estimated at approximately $25 million. We already have invested $10 million overall, and I don’t want this number to increase a lot,” Mykytiv told Kyiv Post. 

Other Topics of Interest

US Dollar Soars Above 105 Rubles: What’s Behind Russia’s Currency Freefall?

The Ruble’s current depreciation began in August, alongside the rise in the key rate which started earlier to sustain hardship in Russia’s economy.