LAS VEGAS, Feb. 6, 2014 (GLOBE NEWSWIRE) -- Hemp, Inc. (OTC:HEMP) declared victory for the industrial hemp industry this week with a provision in the Farm Bill that legalized industrial hemp cultivation pilot programs. After passing through the U.S. House of Representatives on Wednesday, January 29, 2014, the U.S. Senate then followed and passed the Farm Bill on Tuesday, February 4, 2014 in a 68-32 vote, with the hemp amendment intact. The nearly 1,000-page omnibus Farm Bill is expected to be signed off by President Obama on Friday, February 7, 2014 at Michigan State University.
Laws on industrial hemp, medical marijuana and recreational marijuana are becoming more lax nationwide. Industry analysts say it's been a long haul, especially for industrial hemp. Lawmakers who support industrial hemp cultivation saw an opportunity and pushed the provision that allows colleges and state agencies to grow and conduct research on the crop in states where it is legal. "What has been so stunning is how long it has taken," says Sarah Binder, an expert on Congress at the Brookings Institution. Senator Mitch McConnell, who worked to retain and strengthen the provision, was the lead negotiator in getting hemp included on the Farm Bill was quoted, "We are laying the groundwork for a new commodity market..."
Full legalization, according to hemp activists and supporters, could create a vibrant new industry. According to first all-hemp public company in this sector, Hemp, Inc. (OTC:HEMP), there are more Americans discovering the benefits of hemp due to the consistent dissemination of information educating them. From healthy food and body care products, as well as eco-friendly textiles, clothing, auto parts, and building materials, the industry is expanding. Retail sales of those goods reached nearly $500 million in 2012, according to the Hemp Industries Association. Until now, outdated and misguided Federal policy created in the 1930s prevented U.S. farmers from growing a nutritious, versatile and eco-friendly crop that has been inherent to US soil for decades.
Bruce Perlowin, CEO of Hemp, Inc. said, "These are monumental steps for our industry, or shall I say 'movement'. And it's beginning to unfold fast because people are finally beginning to understand that this will finally unlock a clean 'American Industrial Revolution' that will not only be economically sound, but environmentally advantageous for everyone." Soon, Hemp, Inc. (OTC:HEMP) will not have to import their hemp fabrics, hemp seeds, hemp hearts and hemp hurd for their hemp products.
"We look forward to the day we can grow our commercial industrial hemp crop in the United States," said Hemp, Inc. CEO, Bruce Perlowin. Hemp, Inc. (OTC:HEMP) has been growing industrial hemp in Northwest China during 2013 and cultivating 108 acres with joint venture partner, The Yasheng Group.
Bruce Perlowin, CEO of Hemp, Inc. (OTC:HEMP), and one of the most publicly known figures in the industry, apparently has it all covered. "We are in the midst of another industry spike. This is history in the making. This year alone, the industry has traded billions of shares that are translating into millions of dollars daily. This clearly indicates to the investment community that this industry is here to stay and that they want in at the beginning of this explosive industry."
For those who have not read the provision in the Farm Bill, the legislation reads as follows:
Notwithstanding the Controlled Substances Act (21 U.S.C. 801 et seq.), the Safe and Drug-Free Schools and Communities Act (20 U.S.C. 7101 5 et seq.), chapter 81 of title 41, United States Code, or any other Federal law, an institution of higher education (as defined in section 101 of the Higher Education Act of 1965 (20 U.S.C. 1001)) or a State department of agriculture may grow or cultivate industrial hemp if — (1) the industrial hemp is grown or cultivated for purposes of research conducted under an agricultural pilot program or other agricultural or academic research; and (2) the growing or cultivating of industrial hemp is allowed under the laws of the State in which such institution of higher education or State department of agriculture is located and such research occurs.
To view some of the industrial application of hemp, click here.
ABOUT HEMP, INC.
Hemp, Inc. (OTC:HEMP) focuses on the vast market created by the quickly emerging, and growing, multibillion dollar industrial hemp industry. Hemp, Inc. (OTC:HEMP) is not involved in the cultivation or marketing of medical marijuana. It is the company's belief that legalization of hemp in all 50 states and at the federal level will come to pass. With that in mind, the company is building infrastructure with the potential to gain substantial market share before and after industrial hemp prohibition ends. (Pending any federal licensing or other requirements, that may be enacted after hemp prohibition ends).
ABOUT THE INDUSTRIAL HEMP AND MEDICAL MARIJUANA CONSULTING COMPANY, INC.
The Industrial Hemp and Medical Marijuana Consulting Company (IHMMCC) is a wholly owned subsidiary of Hemp, Inc. (OTC:HEMP) that pulls industry information from a vast network of specialists that consists of other public industry, public company CEOs, bankers, investors, lawyers, industry analysts, and non-profits connected to the industry. IHMMCC is entrenched in all the multi-faceted opportunities in the medical marijuana and Industrial Hemp industry. (www.HempInc.com)
Hemp, Inc.'s TRIPLE BOTTOM LINE
Hemp, Inc. (HEMP) seeks to benefit many constituencies, not exploit or endanger any group of them. Thus, the publicly-traded company believes in "upstreaming" of a portion of profit from the marketing of their finished hemp goods back to its originator. By Hemp, Inc. focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of people, planet, and profits— our triple bottom line approach can be an important tool to support sustainability goals.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Hemp, Inc. to be materially different from the statements made herein.