LAS VEGAS, NV–(Marketwired – Aug 23, 2016) – The November 8, 2016 ballot is rapidly approaching with an unprecedented nine states to have marijuana initiatives included. Five of the nine states (California, Nevada, Arizona, Maine, and Massachusetts) are voting on whether to legalize recreational use of marijuana. Hemp, Inc. (OTC PINK: HEMP) CEO, Bruce Perlowin, said, “While Hemp, Inc. keeps its focus on industrial hemp, we continue to stay abreast of the cannabis sector. More states are voting in favor of cannabis as they are hemp. A yes vote on California’s ballot initiative, referred to as the ‘Adult Use of Marijuana Act’, favors legalizing not just marijuana but hemp also.”
With the country’s largest industrial hemp processing facility and milling operation underway, Hemp, Inc. (OTC PINK: HEMP) is strategically positioned as the leader of the re-emerging industrial hemp industry to process industrial hemp and manufacture products made from hemp, as well as Lost Circulation Material (LCM) and other absorbent materials. “We are optimistic the November ballots will favor the cannabis and hemp industries,” said Perlowin. Sources say if legalized, marijuana could become available to about 25% of the country. “Right now in the United States about 17 million people have access to recreational marijuana. That number could double from California voters passing their recreational marijuana initiative alone.” (Source: Green Rush Daily)
According to Ballotpedia, California’s initiative “Legalizes marijuana under state law, for use by adults 21 or older. Imposes state taxes on sales and cultivation. Provides for industry licensing and establishes standards for marijuana products. Allows local regulation and taxation. Additional tax revenues ranging from high hundreds of millions of dollars to over $1 billion annually, mostly dedicated to specific purposes. Reduced criminal justice costs of tens of millions of dollars annually.” The initiative would also make California the first state to have “cannabis cafes” that allow on-site marijuana consumption, similar to the ones in Amsterdam. The most recent polling data from the Public Policy Institute of California (PPIC) found that 60% of the voters in California favor recreational marijuana while only 37% oppose it.
Nevada’s marijuana initiative, also known as Question 2, would “regulate and tax marijuana similar to alcohol.” If passed, persons at least 21 years old would be allowed to possess and use a limited amount of marijuana. The Nevada Department of Taxation would issue licenses to marijuana retailers, suppliers, testing facilities, and distributors. An excise tax of 15% would be imposed on wholesale sales of marijuana. The existing sales tax would apply to retail sales of marijuana. Net revenue generated under this proposal would be deposited in the Distributive School Account and used for support of K-12 education. To read Nevada’s Question 2 in its entirety, click here.
Arizona’s Proposition 205 initiative would permit up to six plants to be grown in the homes. “A 15 percent tax would be levied on the sale of marijuana, and revenue from the tax would be allocated to education and healthcare. The measure would establish a Department of Marijuana Licenses and Control which would be tasked with regulating the cultivation, manufacturing, testing, transportation and sale of marijuana. Local governments would be empowered to regulate and limit marijuana businesses. It was also designed to allow any medical marijuana facility to transition to a recreational marijuana facility.” To read the initiative in its entirety, click here.
Also on the upcoming November ballot, Maine voters will be asked, “Do you want to allow the possession and use of marijuana under state law by persons who are at least 21 years of age, and allow the cultivation, manufacture, distribution, testing, and sale of marijuana and marijuana products subject to state regulation, taxation and local ordinance?” With recent polling in Maine, a little over half of the voters favor marijuana legalization. To read the full initiative in its entirety, click here.
The Regulation and Taxation of Marijuana Act or Question 4 on this year’s ballot, proposed for Massachusetts, Question 4 would also legalize marijuana in Massachusetts. The state permits medicinal use, but under the new law individuals 21 years or older would be able to use, grow, possess, and sell it. “The measure stipulates that individuals could possess under ten ounces of marijuana inside their homes and under one ounce in public. They could also grow up to six marijuana plants in their homes. The measure would create a regulatory structure called the Cannabis Control Commission. This body would oversee marijuana legalization and issue licenses to firms that seek to sell marijuana products.” If approved, marijuana legalization would take effect on December 15, 2016. To read the full initiative, click here.
Industrial hemp has already been legalized in 29 states creating more lucrative business opportunities for positioned businesses such as Hemp, Inc.’s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC in Spring Hope, North Carolina.
Alabama, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New York, North Carolina, North Dakota, Oregon, South Carolina, Tennessee, Utah, Vermont, Washington, West Virginia and Virginia have defined industrial hemp as distinct and removed barriers to its production. Hawaii, Kentucky, Indiana, Minnesota, North Dakota, Oregon and Tennessee had hemp research crops in accordance with section 7606 of the Farm Bill and state law, in 2015. Colorado, Kentucky, Oregon, Tennessee and Vermont licensed or registered farmers to grow hemp under state law, in 2015. (Source: VoteHemp.com)
With so much progress to date in the industrial hemp industry, Hemp, Inc.’s timing of completing its decortication plant could not be better. It is in its final stages of completion. With over 70,000 square feet over 9 acres, Hemp, Inc.’s multipurpose industrial hemp processing facility is the only one in the U.S. of this scale and magnitude.
Over the past weekend, Hemp, Inc.’s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC also sponsored Hemp X, the “hempcentric” festival in Asheville, NC that attracted farmers, entrepreneurs, and other small business owners in an effort to highlight the economic benefits of growing industrial hemp while educating Americans on the importance of hemp and the multiple uses and benefits of industrial hemp. “This was a very successful event. We were able to do a lot networking while we were there. I believe this is a great time for our industry, especially for the industrial hemp industry,” said Perlowin.
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ABOUT INDUSTRIAL HEMP
Hemp is a durable natural fiber that is grown as a renewable source for raw materials that can be incorporated into thousands of products. It’s one of the oldest domesticated crops known to man. Hemp is used as a nutritional food product for humans and pets, building materials, paper, textiles, cordage, organic body care and other nutraceuticals, just to name a few. It has thousands of other known uses. A hemp crop requires half the water alfalfa uses and can be grown without the heavy use of pesticides. Farmers worldwide grow hemp commercially for fiber, seed, and oil for use in a variety of industrial and consumer products. The United States is the only developed nation that fails to cultivate industrial hemp as an economic crop on a large scale, according to the Congressional Resource Service. However, with rapidly changing laws and more states gravitating towards industrial hemp and passing an industrial hemp bill, that could change. Currently, the majority of hemp sold in the United States is imported from China and Canada, the world’s largest exporters of the industrial hemp crop.
HEMP, INC.’S TRIPLE BOTTOM LINE
Hemp, Inc. (OTC PINK: HEMP) seeks to benefit many constituencies from a “Cultural Creative” perspective, thereby not exploiting or endangering any group. CEO of Hemp, Inc., Bruce Perlowin, is positioning the company as a leader in the industrial hemp industry, with a social and environmental mission at its core. Thus, the publicly traded company believes in “up streaming” a portion of its profits back to its originator, in which some cases will one day be the American small farmer — cultivating natural, sustainable products as an interwoven piece of nature. By Hemp, Inc. focusing on comprehensive investment results — that is, with respect to performance along the interrelated dimensions of people, planet, and profits — the triple bottom line approach can be an important tool to support its sustainability goal.
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