New Market Opportunities for CBD
?Medical Marijuana, Inc.?(OTC: MJNA), the first publicly traded cannabis company in?the United States, announced today that the Company applauds U.S. Senate Majority Leader?Mitch McConnell’s?first public announcement of his intention to remove industrial hemp from the Controlled Substances Act with the introduction of the Hemp Farming Act of 2018.
“During the recent state work period, I talked to a number of farmers, manufacturers, and small business owners who expressed enthusiasm for hemp’s potential, and I was proud to stand with?Kentucky’s?Agriculture Commissioner?Ryan Quarles?to announce the impending introduction of this bill,” said Senate Majority Leader?Mitch McConnell?in his senate speech.
The bill would also add hemp as an eligible commodity for the purposes of crop insurance. This allows farmers to access capital for cultivation and production of hemp and hemp products. For hemp research and production, the Hemp Farming Act of 2018 would make hemp research eligible for competitive grant funding under the National Agricultural Research, Extension, and Teaching Policy Act of 1977.
“This bill has such widespread bipartisan support that it is not only being considered to be an amendment to the Farm Bill of 2018, but also a unique bill on its own,” said Medical Marijuana, Inc. CEO Dr.?Stuart Titus. “It will take a lot of hard work to make hemp federally legal in the U.S., but we’re happy to have someone of such power and influence working to help make this possible.”
Medical Marijuana, Inc. currently produces its full spectrum hemp oil from industrial hemp grown in?Europe. If made into law, this new bill could not only generate a major market opportunity for U.S. farmers to potentially source CBD oil for such products from U.S.-based hemp crops, but it could make hemp cultivation legal federally as well, making CBD oil more affordable and accessible for those in need.
Medical Marijuana, Inc. subsidiary?HempMeds?, the company that sells the company’s?Real Scientific Hemp Oil??CBD hemp oil, was the first company to ever bring hemp-based CBD oil products to market in the U.S. in 2012 and was also the first-ever company to receive historic federal government import approvals for its CBD products in the nations of?Brazil,?Mexico?and?Paraguay.