Medical Marijuana, Inc. Celebrates End of 80-Year Ban on Domestic Hemp Crop With Passage of 2018 U.S. Farm Bill
21 December 2018
SAN DIEGO, Dec. 21, 2018 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first publicly traded cannabis company in the United States, announced today that the company applauds the United States Congress for the passage of The Agricultural Improvement Act of 2018, also known as the 2018 Farm Bill, that includes Senate Majority Leader Mitch McConnell's Hemp Farming Act of 2018. With this act, the 2018 Farm Bill legalizes hemp nationwide for any use, including flower production and cannabidiol (CBD) extraction, by classifying it as an ordinary agricultural commodity and removing it from the Controlled Substances Act (CSA).
"Today history was made with the passage of the 2018 Farm Bill making hemp a fully legal agricultural crop. Once again, after an 80 plus year absence, American farmers have the opportunity to grow it. Our company, a pioneer in the hemp-based CBD industry, is especially excited to see what this could mean for the transformation of the American economy towards becoming more sustainable and renewable. We believe the legalization of hemp will eventually add over one million jobs and create percentage point additions to our Gross Domestic Output," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We especially look forward to the potential opportunities this legislation can bring to our company, as it allows us to begin looking at American hemp farms to source our ingredients from. Aside from CBD, we also look forward to the benefits of 'economies of scale' that American hemp will provide to its many emerging industries including biofuels, textiles, bio-composites, construction and insulation materials, energy storage through hemp super-capacitors, and the nutrition from hemp food sources."
The passing of the farm bill will allow Medical Marijuana, Inc. and its subsidiaries to begin looking at new ways to reduce costs for consumers by sourcing locally grown hemp in addition to the hemp the company currently imports from Europe. It also makes the national banking system (a gray area in the cannabis industry) accessible to farmers and others involved.
"As our company continues to grow its sales and distribution capabilities, we have been seeking backup supply options," said Medical Marijuana, Inc. COO Blake Schroeder. "With the passage of this legislation, we are empowered to now consider domestic sources of hemp – as well as potentially participate in over 50,000 industrial uses that the hemp plant offers."
Medical Marijuana, Inc. is the first company to ever bring hemp-based CBD oil products to market in the United States and the first-ever company to receive historic federal government import approvals for its CBD products in nations such as Brazil, Argentina, Mexico, and Paraguay. In addition to the United States and Latin America, the company also operates in Canada and across Europe.
About Medical Marijuana, Inc.
We are a company of firsts®. Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
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 Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
SOURCE Medical Marijuana, Inc.