Friday, July 12, 2019 8:30 AM
LOS ANGELES, CA / ACCESSWIRE / July 12, 2019 / BANGI, Inc. (OTC PINK: BNGI), a diversified investment vehicle that acquires and leases specialized real estate assets, today announced that the State of Michigan has granted the Company one of the first industrial hemp production licenses.
“Our receipt of one of the first and only hemp production licenses for Michigan is another important step towards realizing our goal of becoming a significant provider of real estate and cannabis and cannabinoid products for the booming hemp and cannabis industry,” said Dr. Neil Parsan, Chairman and Chief Executive Officer of BANGI, Inc. “This license will enable the development and distribution of hemp cultivation and hemp-derived CBD production while also enhancing the overall value of certain properties that we are currently seeking to acquire and incorporate within the BANGI platform. The hemp-derived CBD market is expected to continue to expand exponentially over the next several years and, through this and other strategic initiatives, we are positioning BANGI to be at the forefront of the hemp-derived CBD industry beginning with Michigan and expanding across the nation,” concluded Dr. Parsan.
Milestone 2018 Farm Bill to Support BANGI’s Expansion into Market
On December 20, 2018, President Donald Trump signed the 2018 Farm Bill legalizing industrial hemp under U.S. federal law and appointing the United States Department of Agriculture (USDA) as the federal agency with regulatory oversight.
The 2018 Farm Bill provides a framework for the states to regulate industrial hemp provided there is a USDA approved “state plan” in place to monitor and regulate the production of the crop. The plan is required to demonstrate that the state has adequate policies and procedures in place to ensure the following:
A record of where hemp is produced in the state;
Procedures to ensure hemp produced in the state meets the legal definition of not more than 0.3% THC;
Procedures for disposal of materials with a THC concentration exceeding 0.3%, and;
Procedures for handling violations of the 2018 Farm Bill and the proposed state plan.
BANGI Granted one of First Licenses from State of Michigan Litigation
On December 28, 2018 Michigan House Bills 6330, 6331 and 6380 (Public Acts 641, 642, and 648 of 2018) were signed into law by Governor Rick Snyder, amending the Industrial Hemp Research Act creating the new Industrial Hemp Research and Development Act. The Industrial Hemp Research and Development Act requires the Michigan Department of Agriculture and Rural Development (MDARD) to regulate the growing, processing and handling of industrial hemp. The other new laws make changes to the Public Health Code and the Michigan Marihuana Facilities Licensing Act to address the new Industrial Hemp Research and Development Act.
MDARD is required to:
Establish, operate and administer an industrial hemp licensing program;
Establish an Industrial Hemp Licensing Fund;
Establish a growers’ registration program which would apply to anyone 18 years or older growing industrial hemp, except Michigan colleges or universities engaged in research;
Establish a processor-handler license program which would apply to anyone 18 years or older processing, handling, brokering or marketing industrial hemp, with the following exceptions:
Michigan colleges or universities engaged in research,
Processors licensed under PA 281 of 2016, or
A testing facility licensed under PA 281 of 2016 or approved by MDARD.
Make rules, as necessary, for both the administration of the act and testing.
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