Hemp, Inc. Reports:  Governor Cuomo and Legislative Leaders Announce Agreement to Legalize Adult-Use Cannabis in New York

Rhea-AI Summary

Hemp, Inc. (OTC PINK: HEMP) announces the legalization of recreational marijuana in New York State, making it the 15th state to do so. This legislation is expected to create 30,000 to 60,000 jobs and generate $350 million in annual tax revenue, providing opportunities for hemp producers. The new Office of Cannabis Management will oversee the regulatory framework for both recreational and medical cannabis. Hemp, Inc. plans to expand its product line and marketing efforts, further establishing its presence in the growing hemp marketplace.

Positive

• New York legalized recreational marijuana, enhancing opportunities for Hemp, Inc.
• Projected tax revenue of $350 million annually will benefit the hemp industry.
• Estimated job creation of 30,000 to 60,000 new jobs in New York.
• Hemp, Inc. is negotiating marketing partnerships to launch new products.

Negative

• Delays in prior attempts to establish a foothold in the cannabis market.

Las Vegas, NV, April 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry with bi-coastal processing centers, is pleased to report that, after years of stalled attempts, New York State has legalized the use of recreational marijuana, enacting a strongly formed program that will reinvest millions of dollars of tax revenues from cannabis in minority communities damaged by the decades-long war on drugs.

New York became the 15th state to legalize the recreational use of cannabis, positioning itself to quickly become one of the largest markets of legal cannabis in the nation. This is a huge success in the hemp industry. Hemp Inc. supports the state’s legalization of industrial hemp, which can help grow the hemp marketplace where hemp products can be bought and sold.

Legislation (S.854-A/A.1248-A) would establish the Office of Cannabis Management to implement a detailed regulatory framework that would cover medical, adult-use and cannabinoid hemp. The bill would also expand New York State's existing medical marijuana and cannabinoid hemp programs. The legislation provides licensing for marijuana producers, distributors, retailers and other actors in the cannabis market, and creates a social and economic equity program to assist individuals disproportionately impacted by cannabis enforcement that want to participate in the industry.

The development of an adult-use cannabis industry in New York State under this legislation has the potential to create significant economic opportunities for New Yorkers and the state, including Hemp Producers nationwide. Tax collection is projected to reach $350 million annually and has the potential to create 30,000 to 60,000 new jobs in the state.

The New York State Cannabis/Marijuana Regulation & Taxation Act contains the provisions to establish the Office of Cannabis Management who would be charged with enforcing a framework governing medical, adult-use cannabinoid hemp. It would be governed by a five-member board, with three members appointed by the governor and one appointment by each house. OCM would be an independent office operating as part of the New York State Liquor Authority.

The Cannabis/Marijuana Regulation & Taxation Act will also contain the provisions in Medical Cannabis, Adult-Use Cannabis, Cannabinoid Hemp, Adult-Use Cannabis Tax Revenue, Municipal Opt-Out, Traffic Safety, Personal Possession and Home Cultivation, Criminal Justice and Record Expungement. This is a huge success for New York and will pave the way for Hemp Inc. to establish a foothold in other markets and territories.

Hemp, Inc. is also focused on marketing and is currently negotiating with a network marketing company to launch several new products for different niche markets. Digital marketing campaigns are in the works including planning for display booths at all the concerts and events at the Veteran Village Kins Communities.  The Company is also selling directly to retail stores as well as distributing through all the King of Hemp Stores opening around America this year.  Online distributors such as NaturalExposureCBD.com are also carrying the products.

The company recently added its second brand (Billy Hayes) in the King of Hemp® product line which already consists of Bubba Kush hemp; CBD Pre-rolls, Fortified CBD Pre-rolls, CBD and CBG Caviar/Moon Rocks; and Diamonds (which are 96%-98.7% CBD, the only product like this in the marketplace today). According to executives, one of its distributors is selling a limited number of signed and numbered Billy Hayes CBG pre-rolls as a collector’s item for $100 each. Those interested in being the first to collect this “pirate treasure” should click here.

There’s also a signed (by Bruce Perlowin) and numbered complete set of King of Hemp® CBD pre-rolls. (To hear the Bruce Perlowin theme song, click here.) The third in the series will be the Notorious Smith Brothers (famous smugglers from South Florida) to be released at a later date. 

The Company’s website for its King of Hemp® line (www.kingofhempusa.com) also has CBD oil tinctures available for purchase. The tinctures are available in two flavors, Natural and Peppermint, and contain full-spectrum hemp oil extracted from the flowers and leaves of hemp plants sustainably sourced from Colorado. They are also compliant with the regulations created by the Colorado Department of Agriculture in regards to industrial hemp. The tinctures, as well as all CBD products, contain 0.3% or less THC and are compliant with the 2018 Farm Bill.

To learn more, go to the King of Hemp® website, here.

Those interested in King of Hemp® pre-rolls; hemp-derived CBD tinctures; Caviar; Diamonds; can visit www.kingofhempusa.com and email sales@kingofhempusa.com.

WHAT IS HEMP, INC.?

What is Hemp, Inc.? With a deep-rooted social and environmental mission at its core, Hemp, Inc. seeks to build a business constituency for the American small hemp farmer, the American veteran, and other groups experiencing the ever-increasing disparity between tapering income and soaring expenses. The Company is on a mission to be a powerful engine for social change and economic revival, worldwide, by providing hemp products that are eco-friendly, sustainable and healthy. Hemp, Inc. executives believe there can be tangible benefits reaped from adhering to a corporate social responsibility plan.

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” and Hemp, Inc. does… using the SEC’s Alternative Reporting Standard to publicly report its quarterly and yearly financials.  All current information can be found on www.hempinc.com/hemp-financial-disclosures/. 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.

Contact:

Hemp, Inc.    

855-436-7688

ir@hempinc.com

FAQ

What recent legislation affects Hemp, Inc. in New York?

New York State has legalized recreational marijuana, impacting Hemp, Inc.'s business opportunities.

How many jobs could the cannabis industry create in New York?

The legalization is projected to create 30,000 to 60,000 new jobs in New York.

What is the expected annual tax revenue from legal cannabis in New York?

The expected annual tax revenue is projected to reach $350 million.

How will Hemp, Inc. expand its product line?

Hemp, Inc. is negotiating with a network marketing company to launch several new products in various niche markets.

What regulatory body will oversee cannabis management in New York?

The Office of Cannabis Management will implement and enforce cannabis regulations in New York.