Bill to Federally Legalize Cannabis Heads to House Floor; Could the Second Time Be a Charm? Hemp, Inc. Reports

Rhea-AI Summary

Hemp, Inc. (OTC PINK: HEMP) reports potential federal legalization of marijuana as the U.S. House of Representatives prepares to vote on the MORE Act. This legislation aims to remove cannabis from the Controlled Substances Act and expunge past federal convictions. With the bill's approval in December 2020, it faced stalling in the Senate. However, recent developments have reignited discussions, potentially benefiting cannabis stocks. Hemp, Inc. saw a 23% stock price increase and fivefold surge in trading volume following the news, reflecting heightened market activity and optimism.

Positive

• Hemp, Inc. stock price increased by 23% in three days due to potential federal legalization news.
• Trading volume surged to over 400 million shares, five times the normal trading volume.
• Introduction of highly potent products like a tincture and CBD/CBG capsules.

Negative

• None.

Las Vegas, NV, March 28, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), one of the global leaders that has been on the forefront of the industrial hemp industry, reports today the U.S. House of Representatives may soon, possibly, vote to federally legalize marijuana.  On Wednesday, March 30, 2022 at 1:00pm EST, the House Rules Committee (the committee that considers all bills reported from policy and fiscal committees and determines whether, and in what order, to schedule their consideration on the floor of the House) will determine which amendments to H.R. 3617 (the MORE Act) will be allowed to advance to the House floor. Once it’s on the House floor, the MORE Act will be voted on, debated or amended and if passed by a simple majority, it will move to the Senate and undergo the same process.

Why is this of any importance? Aside from the fact that it has ridiculously been a Schedule 1 Controlled Substance (considered most dangerous and addictive) for 52 years now, de-scheduling news of this magnitude has shown to peak cannabis stock market prices and trading volume. That in itself could be a separate release but let’s break this down to understand what has been lurking behind the scenes causing a lot of volatility.

The MORE Act (Marijuana Opportunity, Reinvestment and Expungement) was approved by the House of Representatives in 2020, but the bill was not given a hearing or a vote in the Senate.  According to Marijuana Movement, when the MORE Act went to the floor in December 2020, it passed in a 228-164 vote, with five Republicans joining their Democratic colleagues in advancing the reform.

Unfortunately, the traction ended with it being stalled in a Republican-controlled Senate.  But where there is misfortune, fortune exists. Earlier this month, democratic congressional lawmakers convened for a policy retreat in Philadelphia that featured a panel on advancing marijuana reform with a focus on promoting equity and it’s centered on the need to ensure that those most impacted by prohibition can benefit from federal legalization.

Under the MORE Act, cannabis would be removed from the list of drugs regulated by the Controlled Substances Act, criminal penalties for federal cannabis offenses would be eliminated, and past federal cannabis convictions would be expunged. The bill, H.R. 3617, also establishes a tax on retail cannabis sales, with revenue raised by the tax invested in communities that were harmed under federal cannabis prohibition policies.  This is a big push in the right direction to ultimately de-schedule cannabis. The second time around just might be the charm the industry has been anxiously waiting 52 years for.

Simply put, “pot” stocks or shall we conservatively say “cannabis” stocks, move on news. The bigger the news, the bigger the move in most cases. And because market growth for the cannabis sector hinges on federal legalization, news of the MORE Act led to a rally last week at the hint of possible federal decriminalization of cannabis.

Hemp, Inc.’s stock price increased 23% in just over 3 days last week and the trading volume soared. The Company’s trade volume was 5 times its normal volume… to the tune of over 400 million shares. In fact, most of the companies in the cannabis sector saw an increase.  This was at the “hint” of possibly having cannabis removed from the Controlled Substances Act. Imagine when it is actually removed. Watch out for the bull!  

Hemp, Inc. is ready with a strong foothold in the market. The Company has released two of its most highly potent powerhouse products to date. On March 22, 2022, Hemp, Inc. unveiled a tincture with 4 times the potency of most other hemp-derived tinctures currently in the market and at a fraction of the price.  Two days later, the Company released a CBD/CBG high potency blend in capsule form and offered free sample packs to the first 100 customers who ordered it from the King of Hemp website.  (Check here to order your free sample pack, shipping and handling of $7.95 not included.)

Hemp, Inc.’s King of Hemp® premium power-packed capsules promote enhanced mood and clarity with rejuvenating properties.  Some users have reported feeling rejuvenated, stress-free and tension-free. All of the King of Hemp® products, including the capsules, are independently tested by a third-party lab and manufactured in the USA at Hemp, Inc.’s manufacturing facility in Nevada. “Our products are 100% sustainably sourced, offers premium vegan grade, gluten-free, non-psychoactive and have been through proven compliant testing for microbials, heavy metals, pesticides, and dangerous chemicals.”

For more information on the free sample pack offer, with $7.95 shipping and handling, visit the King of Hemp® website Kingofhempusa.com.  Retailers and distributors interested in the product line should email sales@kingofhempusa.com. Shareholders and consumers who want to purchase products can click here.

Hemp, Inc.’s sales & marketing team is currently working on large-scale orders for the company’s upcoming CBDA and CBGA products. Small retail stores or those interested in distributing on a large-scale basis should email sales@hempinc.com or call 877-436-7564 for more information. The entire product line may include infused water, tinctures, gummies, capsules, edibles and more. They’ll come in a variety of sizes, potencies, flavors and formulas that executives foresee being in high demand.

FORWARD-LOOKING DISCLAIMER AND DISCLOSURES

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. The Securities and Exchange Commission (SEC) requires issuers to provide “adequate current information”. Financials for Hemp, Inc. are listed on the OTC Exchange. More information can also be found out the Hemp, Inc. website by visiting www.hempinc.com/hemp-financial-disclosures/. 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 involve risks, uncertainties.

Contact:

Hemp, Inc.

Investor Relations: 855-436-7688

Sales: 877-436-7564

ir@hempinc.com

FAQ

What is the MORE Act and how does it affect HEMP?

The MORE Act aims to federally legalize cannabis, removing it from the Controlled Substances Act and potentially benefiting companies like Hemp, Inc.

What impact did recent legalization discussions have on HEMP stock?

Hemp, Inc.'s stock rose by 23% and trading volume surged due to optimism surrounding federal legalization prospects.

When will the U.S. House of Representatives vote on the MORE Act?

The vote is scheduled for March 30, 2022, as the House Rules Committee decides on amendments.

How has Hemp, Inc. prepared for potential federal legalization?

Hemp, Inc. has launched powerful new products and increased its market presence in anticipation of legalization.