- Canada on-track to legalize cannabis plant derivatives for all potential uses this year
- U.S. Senate set to debate update to 2014 Farm Bill using research showing hemp’s agricultural promise
- Global Hemp Group pioneering new commercial-scale cultivation of hemp in New Brunswick
As pending legislation authorizing the cultivation of hemp without drug enforcement oversight opens the potential for U.S. federal government friendliness toward cannabis production, Global Hemp Group, Inc. (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF) is busy pledging its visionary portfolio to the market for consumer goods arising from the cannabis species’ non-psychoactive varieties.
Global Hemp Group joined other players in the delicate industrial hemp arena in praising Sen. Mitch McConnell’s long-time efforts to remove low-psychoactive chemical plants from the Drug Enforcement Administration’s listing of controlled substances, as well as his recent announcement of a Hemp Farming Act Senate bill that would permanently reduce hemp to agricultural oversight (http://nnw.fm/9fzDB).
“It looks like the world of hemp in the US is about to enter a new phase and Global Hemp Group is proud to be part of this exciting new sector,” a company statement adds.
Global Hemp Group’s goal is to establish cooperation among companies interlinked in the production of hemp – an ancient domesticated crop that was once favored as a plantation crop in the United States for making paper, textiles, ropes and concrete, and that has an edible seed also millable for oils. Global Hemp Group’s joint venture with Marijuana Company of America, Inc. (OTC: MCOA) led to a plan to extract non-psychotropic cannabidiol (CBD) from industrial hemp cultivation for research purposes on the Acadian peninsula of New Brunswick, Canada, last year – the first time the plant had been grown in the region in 20 years. The research comprised the first phase of the companies’ plans to reintroduce large-scale commercial hemp cultivation in New Brunswick and establish a processing facility in the region, once it was determined that hemp could be productive there (http://nnw.fm/O47bb).
The companies anticipate cultivating a minimum of 125 acres this year and increasing the amount of land to 1,000 acres within three years, building on the Canadian government’s drive to legalize cannabis crops for all potential applications later this year. Global Hemp Group is also preparing to build permanent processing facilities by the fall, beginning with an initial crop focused on CBD extraction but working toward the purchase of extraction equipment to obtain other types of cannabinoids and straw processed for use in building materials.
“We are excited to complete the first phase of industrial hemp trials in Canada, and we look forward to continue expanding operations in Canada,” Marijuana Company of America CEO Donald Steinberg stated last month amid the news of the New Brunswick project’s advance. “Our joint venture with (Global Hemp Group) allows (Marijuana Company of America) the opportunity to expand the Company’s operations on an international level. Both Companies are excited about the endless possibilities for hemp derived CBD product this year in Canada.”
In the United States, Sen. McConnell took the first step toward re-legalizing hemp in 2014 by using his leadership position in the Senate to support hemp pilot programs in the Farm Bill. Since then, the research has shown hemp’s potential as an agricultural commodity, according to the senator’s office (http://nnw.fm/W9tMI), and his 2018 update to the Farm Bill would build on that research. While the pending bill is being promoted in concert with Kentucky’s efforts to revitalize its historical agriculture industry, hemp de-listing also has significant potential for the West, especially in Colorado, where more hemp is grown than anywhere else in the country and a pioneering farmer introduced the efficacy of growing a commercial-scale industrial hemp crop, according to a report by High Plains Public Radio (http://nnw.fm/bI89V).
Existing law prohibits U.S. farmers from growing hemp with more than 0.3 percent THC — the most psychoactive chemical in the cannabis byproducts that produce the marijuana drug. If tests show that a hemp crop has more than the allowable level of THC, the farmer is required by law to destroy it and bear the costs. A representative of the Colorado Department of Agriculture told High Plains Public Radio that controlling THC levels is only a challenge currently because the revitalized U.S. hemp industry is still in its infancy, and that new hemp varieties have already been developed that cannot produce more than the legal amount of THC.
Hemp has a wide variety of potential applications. The Hemp Industries Association estimated annual retail value for hemp products in the United States at $573 million in 2015 (http://nnw.fm/5v0Rr). Of the total market, the largest percentage of products involved personal care items, with estimated sales of $146.8 million, followed by industrial applications at $116.2 million.
For more information, visit the company’s website at www.GlobalHempGroup.com
More from NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, please visit https://www.NetworkNewsWire.com