Hemp, Inc. Applauds California Governor for Passing Industrial Hemp Legislation
Today 6:00 AM ET (GlobeNewswire)Print
via NEWMEDIAWIRE - Hemp, Inc. (OTC PINK: HEMP) applauds California's commitment to agriculture, industrial hemp specifically, with the passing of SB 1409. The new bill, which will go into effect on January 1, 2019, removes the previous requirement that industrial hemp seed cultivators be certified on or before January 1, 2013, finally opening the door for new cultivators to enter the market. This will "unleash a dramatic expansion of hemp farming and hemp businesses" in the nation's largest state and as a global leader in the industrial hemp industry, with the largest multipurpose industrial hemp processing facility in the western hemisphere, Hemp, Inc. stands to gain an enormous amount of business opportunities in the Golden State.
"This Bill will finally allow farmers in California to partake in this lucrative industry on a broad scale and I applaud Governor Jerry Brown for taking the proactive steps necessary to facilitate the growth of California's industrial hemp industry," said Hemp, Inc. CEO, Bruce Perlowin. "The immense opportunity represented by the state's world-class economy combined with its ideal growing conditions is sure to convince many farmers to switch to hemp. Our new west-coast hemp processing facility in Medford, Oregon, stands to be an excellent resource for all of the new farmers entering the industry as laws continue to evolve. We are also continuing to scout new locations across the country to open additional hemp processing centers."
Hemp, Inc.'s hemp cultivation and processing company, Local Processing Center, Inc. (LPC) in Medford, Oregon recently began processing the first harvest which is more than 100,000 pounds of industrial hemp from the first of many farms they have contracted with in that area. According to executives, Hemp, Inc. is currently creating strategic partnerships with farmers across Oregon to provide them with services including drying, curing and storing industrial hemp. With California adding an industrial hemp pilot program to their California Department of Food and Agriculture registration system, Hemp, Inc. executives say that could only add to their bottom line. (More information on opportunities to partner with Hemp, Inc. to sell or buy hemp biomass can be found by contacting ir@hempinc.com.)
Representing the world's fifth largest economy, California stands poised to become a dominant force in the legal hemp industry, especially pending the 2018 Farm Bill, which contains an amendment to fully legalize hemp cultivation at the federal level. The amendment has broad bipartisan support and is expected to be passed when the committee reconvenes after the midterm elections on November 6, 2018.
Notably, there are now 40 states in the nation that have legalized hemp. Companies seeking to enter or further develop their footprint in the industrial hemp marketplace are aligning with Hemp, Inc. for the company's proven expertise and state-of-the-art hemp processing and manufacturing infrastructure in Spring Hope, North Carolina and operations in additional states. The company's 85,000 square foot industrial hemp processing and manufacturing facility has been operational since August, 2017.
Its 500-acre strategic growing partner, Veteran Village Kins Community, in Golden Valley, Arizona, is also designed to grow hemp and produce cannabidiol (CBD) products to benefit veterans as well as generate revenue for Hemp, Inc., the Veteran Village and individual veterans living in the community.
Hemp, Inc. is also helping to build the industrial hemp infrastructure that was basically non-existent in America. And five years later, it's still in its infancy as our nation, gradually, embraces industrial hemp as a new emerging multi-trillion dollar industrial agricultural green revolution. Hemp, Inc. has been building six hemp infrastructures, Divisions One through Six (the 6th Division just launched):
Division One - The Industrial Hemp Infrastructure
Division Two - The Hemp Extraction Infrastructure
Division Three - The Hemp Farming Infrastructure
Division Four - The Hemp Educational Infrastructure
Division Five - The Hemp Marketing Infrastructure
Division Six - Accessories, Products and Services
Division Six is the company's newest division to be formed which focuses on the sale of hemp accessories such as the sale of extractors, storage bags, containers, fertilizer, soil amendments, humidifiers, dehumidifiers, balers, greenhouses, and greenhouse equipment; the drying, trimming, curing, storing and brokering for other farmers; and ultimately anything else a hemp farmer may need to be successful.
Moreover, the hemp-derived cannabidiol (CBD) market is expected to hit $591 million this year, and it may grow 40 times this size--to $22 billion by 2022, according to a new report by Brightfield Group.
