- Highly anticipated legislation to provide legal status for hemp
- Hemp and cannabis industries forecast to reach $22.6 billion by 2021
- Decisions made with eye toward expansion set to bring companies unprecedented growth
Following the passage of the 2018 Farm Bill in Congress, a conference committee has now been charged with finalizing the bill, which must be completed before the current legislation expires on September 30 (http://cnw.fm/v1cRA). Part of the thousand-plus-page bill includes the Hemp Farming Act, a top priority of Senate Majority Leader Mitch McConnell from Kentucky, a state that hopes to see significant economic benefits from growing the plant. In addition to legalizing hemp, the legislation would remove it from the federal list of controlled substances, allow it to be sold as an agricultural commodity and give states the right to regulate crops grown under their jurisdiction. The bill would also allow hemp researchers to apply for Department of Agriculture grants and make hemp farmers eligible for crop insurance.
This groundbreaking legislation is highly anticipated by many in the hemp industry, from growers and cultivators to manufacturers and producers of hemp plant-based products. Marijuana Company of America Inc. (OTC: MCOA) (MCOA Profile) is one of the companies paying close attention as the bill progresses through committee. A pioneer in legal hemp-based product development, manufacture and distribution, MCOA has led out in seed-to-shelf efforts to bring these products to consumers as more and more people — and states — are recognizing the potential that hemp provides.
The hemp and cannabis industries are already seeing unparalleled growth, and experts note that the trend will only continue as these industries gain legal status. North American consumers spent $6.7 billion on legal cannabis products in 2016, up 34 percent from the year before. ArcView Market Research estimated that the industry may reach $22.6 billion by 2021 — extraordinary growth in which savvy companies are poised to play a part (http://cnw.fm/d8Esp). Whereas the Hemp Business Journal estimates that the hemp-derived CBD market will grow exponentially over the next few years into a $2.1 billion industry.
MCOA may be one of those companies as it spearheads efforts and stakes claims on multiple legal hemp cultivation projects. Along with joint venture partner Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (FRANKFURT: GHG), MCOA is deeply involved in the New Brunswick hemp project, a joint venture involving the planting of 125 acres of industrial hemp in the northeast portion New Brunswick, Canada. GHG and MCOA are also working together on a hemp farming project in Scio, Oregon, where significant garden operations are well underway. Those operations include the expansion of nursery and propagation rooms, the construction of five additional greenhouses and the purchase of 20,000 high-yielding CBD hemp clones. Finally, MCOA has partnered with Bougainville Ventures, Inc. to complete the setup of a 10,000-square-foot greenhouse in Washington State.
This forward-thinking cultivation of quality hemp is designed to provide the company with the main ingredient for its innovative CBD-based formulations, which use the highest-quality hemp to produce what could be the finest-quality botanical supplements on the market. The CBD-based nutritional and botanical supplement products include a pain relief product called hempSMART™ Pain, which is also available as a cream-based topical, and an ayurvedic nootropic product called hempSMART™ Brain. HempSMART™ also sells Full Spectrum CBD Drops in the form of a sublingual tincture that contains advanced bioavailability, and just last month it announced the launch of a new CBD infused cosmetic product designed to refresh, replenish and restore the skin cells on your face called hempSMART™ Face. The company has also developed an affiliate marketing program for the promotion and sale of its hemp-based, CBD-infused products.
Hemp has a myriad of uses beyond CBD therapeutic, including as a food, natural fiber and even a commodity in the building materials sectors. No part of the plant goes unused, and MCOA’s comprehensive strategy is to capitalize at each profit point — from farm to finished products.
For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com
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