2019-03-04 09:23:00
Flurotech applauds passing of U.S. farm bill
Mr. Danny Dalla-Longa reports
U.S. HEMP LEGALIZATION EXPANDS MARKET FOR FLUROTECH S COMPLETEST
Flurotech Ltd. has recognized the burgeoning market for the CompleTest hemp and cannabis testing device with a notable industry opportunity brought about by the signing of the 2018 United States farm bill.
The Agriculture Improvement Act of 2018, commonly referred to as the 2018 U.S. Farm Bill, removes the long-held legal implications, stigma and ambiguity surrounding the American hemp industry.
Changes to the U.S. Farm Bill included removing hemp from the Controlled Substances Act, means it is no longer an illegal substance under federal law. Despite belonging to the same species as cannabis, hemp has no psychoactive effects. Under the 2018 U.S. Farm Bill, a hemp plant must contain less than 0.3 per cent tetrahydrocannabinol ("THC").
"With the U.S. Federal legalization of hemp, FluroTech is able to expand its addressable market in North America to the U.S. and progress its goal to be the preferred in-house precision testing device for hemp and cannabis growers globally," commented Danny Dalla-Longa. "Hemp is difficult to distinguish from cannabis with THC from appearance and scent. We anticipate that in addition to growers, law enforcement and other regulators will require devices that can accurately distinguish the two products."
According to industry analysts at Brightfield Group, the hemp-derived cannabidiol ("CBD") market in the U.S. is expected to quickly go mainstream and become a $5.7 billion market by next year and growing to a $22 billion market by 2022. Ensuring high quality hemp is produced with known THC and CBD concentrations, and free of heavy metals, pesticides and mold, will be required by consumers of hemp-based human foods and animal supplements. The Company plans to have its hemp test protocol completed in Q2 2019 and to enter the American market shortly thereafter.
CBD can be found in varieties of the cannabis plant, including hemp plants. CBD does not produce a high or intoxicating effect. However, there is some evidence that CBD may influence some of the effects that THC has on the brain. CBD is also being studied for its possible therapeutic uses; it has received market approval in the U.S. for two severe forms of epilepsy.
About CompleTest{A ™} CompleTest{A ™} is FluroTech's flagship brand and product line. CompleTest{A ™} is a portable, cost-effective, state-of-the-art hemp and cannabis testing device, able to provide fast, accurate and consistent testing results. It is designed for cultivators, dispensaries and anyone with an interest in optimizing potency yield and consumer safety to test the quality and safety of their cannabis products.
About FluroTech (TSX-V: TEST ) (OTCQB: FLURF ) FluroTech is a technology and marketing company whose core business is focused on the commercialization of new technologies in the cannabis industry. FluroTech's proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples. Using the technology that was developed at the University of Calgary, FluroTech has developed a two-part solution comprising an instrument called the CompleTest{A ™} and consumable testing kits. To learn more, visit www.FluroTech.com .
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