Discovery Provides Shareholder Update
Date : 05/13/2014 @ 10:07AM
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MARINA DEL REY, Calif., May 13, 2014 /PRNewswire/ -- Discovery Minerals LTD. (OTC PINK: DSCR) (PINKSHEETS: DSCR) is pleased to announce that Mr. Dennis Killoran of Wainwright, Alberta, Canada has agreed to become the Company's Primary Hemp Growing Consultant. Mr. Killoran is uniquely qualified having previously cultivated Industrial Hemp under a Health Canada License.
Mr. Killoran is a third generation farmer. In 1999, Mr. Killoran was invited to participate with a symposium which helped draft portions of the Health Canada Regulations. Additionally, Mr. Killoran has sat on the Local Wainwright Inter-Municipal Planning Board and was involved in the inception of the Alberta Bio-Fibre Initiative round table talks with the Alberta Agriculture Department, the Alberta Research Council, and various private interest companies. Through 2000-2003, Mr. Killoran cultivated three hemp crops on farmland ranging from 20 to 140 acres. He currently grows grain on 3500 acres of his property.
There are several factors that have prompted Mr. Killoran to re-evaluate the viability of hemp production, some of the main factors being Discovery's vertical integration model, technological advances in farming and increased demand for hemp related products expected to soar due to loosening of regulations in the United States.
Canadian hemp acreage has been growing steadily since 2008, increasing to 58,000 in 2012. This growth came on the heels of improving processing technology, research, government financial support, increasing number of Canadian businesses developing hemp products and overall growing demand, primarily import demand by the United States which accounts for approximately 90% of Canadian international sales. Canada's gross producer hemp seed cash receipts have been approximately $30-35 million in recent years.
Early estimates are for around 70,000 acres to be planted in 2013 and one industry source indicates a goal of 100,000 acres by 2015. (Canadian Hemp Trade Alliance).
Sales of hemp products to U.S. consumers have reportedly topped $500 million in recent years, while U.S. hemp imports continue to grow (Hemp Industry Association). Industrial hemp could provide economic benefit and jobs given emerging market opportunities if the industry were allowed to fully develop as a commercial enterprise.
