Tag Archives: Hemp Farming Act 2018

Medical Marijuana, Inc. Applauds New Market Opportunities for CBD, U.S. Farmers as Sen. Mitch McConnell Pushes Bill to Legalize Hemp

News provided by   Medical Marijuana, Inc.    09:00 ET

SAN DIEGO, April 13, 2018 /PRNewswire/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.

Previously, McConnell helped develop new federal and state legal permissions for hemp and even steered hemp into the 2014 Farm Bill. Now, according to McConnell’s public senate announcement on Thursday, April 12, the Hemp Farming Act of 2018 would remove hemp with less than 0.3 percent of tetrahydrocannabinol (THC) from the controlled substances list. This would include the de-scheduling of all derivatives, extracts and seeds of hemp as long as those portions of the plant remain below the THC requirement.

“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.

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“THE HEMP FARMING ACT OF 2018”

FOR IMMEDIATE RELEASE
March 26, 2018
Contact: Jonathan Miller
(859) 619-6328, jmiller@fbtlaw.com
Brian Furnish: (859) 298-0465

HEMP INDUSTRY LAUDS SENATE MAJORITY LEADER MITCH MCCONNELL FOR PENDING INTRODUCTION OF “THE HEMP FARMING ACT OF 2018”


FRANKFORT – The U.S. Hemp Roundtable, the industry association that joins the nation’s leading hemp companies and all of its major grassroots organizations, today lauded U.S. Senate Majority Leader Mitch McConnell upon his announcement of the pending introduction of “The Hemp Farming Act of 2018.”  Leader McConnell’s bill, which is co-sponsored by U.S. Senators Ron Wyden (D-OR) and Rand Paul (R-KY), would permanently remove hemp from regulation as a controlled substance and treat it as an agricultural commodity.  Similar legislation, H.R. 3530, the “Industrial Hemp Farming Act of 2017,” was introduced last year by Rep. James Comer (R-KY), and has been co-sponsored by 43 of his colleagues, from both sides of the aisle.
“The hemp industry is very grateful to Leader McConnell for his strong leadership over the years on behalf of providing Kentucky farmers – and the whole U.S. agricultural commodity – this exciting new economic opportunity,” stated Roundtable President Brian Furnish, an 8th generation tobacco farmer from Cynthiana, who credits the Leader with empowering his transition from tobacco to hemp.  “Leader McConnell’s persistence and commitment has gotten us to this point – through his work on the 2014 Farm Bill and subsequent legislation that created today’s hemp pilot programs.  There’s no better person to help get us across the finish line.”
“While this has been, and will continue to be, a broadly bipartisan effort in Congress, when the history of hemp legalization is written, the two most important figures will be Mitch McConnell and James Comer,” stated Roundtable General Counsel Jonathan Miller, who previously served as Kentucky’s State Treasurer and Chair of the Kentucky Democratic Party. “Everyone who is working so hard to build this nascent industry understands that we owe deep appreciation to Senator McConnell for his strong commitment and steady leadership on this issue.”