Hemp Inc (HEMP)

[LaorgeMONEY]

Hemp, Inc. Applauds House Passage of SAFE Banking Act to Benefit Cannabis Industry

Las Vegas, NV, Oct. 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Hemp, Inc. (OTC PINK: HEMP) applauds the House of Representatives for passing the Secure and Fair Enforcement (SAFE) Banking Act that protects financial institutions that serve cannabis businesses. This historic SAFE Banking Act was the first-ever standalone reform bill pertaining to cannabis to clear one of the chambers of Commerce. Now, the SAFE Banking Act will head to the Senate for a vote. The expectation of the bill is to provide clarification to credit unions and banks that service cannabis companies. This act pertains to various areas of business banking such as bill payments.

“This is an incredible and historic time to be part of the cannabis industry as is seen by the bipartisan passing of this first-of-its-kind bill by the House,” said Hemp, Inc. CEO Bruce Perlowin. “Legislation like this is vital for the industry to evolve and Hemp, Inc. applauds the House for making the right choice for the vote. This bill can directly benefit Hemp, Inc. as it will provide greater options and security within banking and other ancillary sectors of the business, which is something that has been necessary since the beginning.”

Currently, according to a recently published article, companies in the cannabis industry have minimal access to basic banking services, including loans, lines of credit, and even checking accounts. Since financial institutions report to the Federal Deposit Insurance Corporation (FDIC), and the FDIC is a federally created agency, banks and credit unions fear possible financial and/or criminal repercussions for aiding cannabis companies. This has made cannabis an industry dominated by cash, which is both a security concern and an expansionary constraint.

The bill passed the chamber with every Democrat, except for one, voting in favor and nearly half of the Republicans following suit. The next step for the bill will be to travel to the senate, where it is currently sponsored by 33 senators. While it is unclear how the Republican-controlled Senate will vote, industry enthusiasts and investors remain cautiously optimistic.

“This act goes far beyond banks. It also impacts plumbers, electricians, accountants, and ancillary companies that help with the operations of these cannabis businesses. If the SAFE Banking Act is put into law, the cannabis industry as we all know it will elevate immensely. There are large, legitimate companies being forced to manage their company and pay for services with cash, something that poses not only a burden but a safety risk as well, and this is something the Senate needs to examine closely,” says Perlowin.

According to Perlowin, there is an insatiable demand for hemp products. Hemp, Inc. launched a beta test for its King of Hemp pre-rolls and high CBD hemp flower last year.

To see one-minute videos of Hemp, Inc.’s current activities, visit Bruce Perlowin’s personal Facebook page, where he shares daily posts of Hemp, Inc.’s activities around the country. Those interested in purchasing Hemp, Inc.’s pre-rolls should email [e-mail].

WHAT IS HEMP, INC.?
What is Hemp, Inc.? With a deep-rooted social and environmental mission at its core, Hemp, Inc. seeks to build a business constituency for the American small farmer, the American veteran, and other groups experiencing the ever-increasing disparity between tapering income and soaring expenses. As a leader in the industrial hemp industry with ownership of the largest commercial multi-purpose industrial hemp processing facility in North America, Hemp, Inc. believes there can be tangible benefits reaped from adhering to a corporate social responsibility plan.

HEMP, INC.’S PROPRIETARY HEMP FLOWER DRYING SYSTEM

Unwavering in its commitment to the industrial hemp industry, Hemp, Inc. disclosed the successful development of its innovative hemp flower drying system for smokable hemp flower. Highly efficient, this compact proprietary hemp flower drying system is fast, drying in only 3 days as opposed to the traditional 7 days while maintaining the critical terpene profile of the product. To be unveiled at its Oregon location, Hemp, Inc. executives expect this advanced hemp flower drying system to bring in excess of $10,000,000 in revenue for the company from the Oregon 2019 harvest season. To read the full release on Hemp, Inc.’s proprietary hemp flower drying system, click here.

https://finance.yahoo.com/news/hemp-inc-applauds-house-passage-145150931.html