Hemp, Inc. Reports: Industrial Hemp Act 2023

Rhea-AI Summary

Hemp, Inc. (OTC: HEMP) emphasizes the significance of the 2023 Farm Bill in promoting industrial hemp production, highlighting its potential to transform U.S. agriculture. The bipartisan Industrial Hemp Act, introduced by Senators Tester and Braun, aims to reduce regulatory burdens on farmers growing industrial hemp, eliminating unnecessary checks and protocols. This legislation is seen as vital for expanding opportunities in a rapidly growing agricultural market, with hemp's capability to absorb significant carbon levels and replace various materials. The hemp market was valued at $824 million in 2021, showing promise for future growth as federal laws become clearer.

Positive

• Bipartisan Industrial Hemp Act aims to ease regulations for industrial hemp farmers.
• Hemp is recognized for its potential to absorb twice as much carbon as forests.
• The market for hemp was valued at $824 million in 2021, indicating growth potential.

Negative

• None.

LAS VEGAS, NV, April 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Hemp, Inc. (OTC:HEMP) announced today that the 2023 Farm Bill has been the topic of discussion as it is set to break down barriers for farmers interested in participating in the hemp industry. The “carbon-sequestering plant has the potential to reshape U.S. agriculture” so it’s on legislators’ minds as to how to handle the production of industrial hemp (the newly legalized crop).

Hemp, Inc. executives believe the farm bill will be a great vehicle for updating and reforming agriculture policies, thus creating a solid framework to expand the industry.  U.S. Senators Jon Tester (D-Mont.) and Mike Braun (R-Ind.) introduced their bipartisan Industrial Hemp Act on March 23, 2023 to “ease the burden on farmers who grow grain and fiber hemp, or ‘industrial hemp.’ The Senators’ bill would exempt farmers exclusively growing industrial hemp from the burdensome background checks and costly sampling and testing protocols required for farmers growing cannabinoid hemp.” (Source)

“Montana farmers don’t need government bureaucrats putting unnecessary burdens on their operations,” said Senator Tester. “It’s time we cut red tape, and make it easier for industrial hemp farmers to get their product to market. My bipartisan bill builds on Montana’s leadership on hemp policy and creates good-paying jobs for folks across rural America.”

“It’s important that we set American farmers up for success by cutting burdensome regulations and red tape,” said Senator Braun. “This legislation will expand opportunities for industrial hemp producers in Indiana and across the country and allow them to tap into one of the fastest growing agricultural markets.”

“Montana has been a leader in hemp production and for many farmers, this crop gives us more crop rotation options,” said Cyndi Johnson, President of Montana Farm Bureau Federation. “We appreciate Senator Tester’s efforts to distinguish between different varieties and update the law to regulate their production more appropriately, giving farmers more certainty in their cropping decisions.”

According to the Environment Energy and Study Institute, hemp absorbs twice as much carbon per hectare of land than a forest does, and hemp derived products can be used to replace paper, petroleum-based plastics, and cotton fibers. But hemp, a strain of the Cannabis plant (from which marijuana is derived), was previously considered a Schedule 1 substance – the most highly regulated narcotics under the Controlled Substances Act.

The institute went on to say “the 2023 Farm Bill can serve as an opportunity to ensure hemp is cultivated and produced to its fullest potential. Ambiguities in federal laws must be addressed to ensure that the hemp market, which was reported to be worth $824 million in 2021, continues growing.”

To read the full Industrial Hemp Act 2023, click here.

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Healthy Products for Healthy Living: A Look into Hemp, Inc.’s Pure, Premium, and Potent CBD and Wellness Products (June 16, 2022)
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The Company will continue to keep its shareholders up to date on all pertinent material events, product releases, production plans, and inventory availability. 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 includes tinctures, gummies, capsules, and edibles in a variety of sizes, potencies, flavors, and formulas with a future focus on healthy foods for healthy living.

About Hemp, Inc.

With a deep-rooted social and environmental mission at its core, Hemp, Inc. (OTC: HEMP) 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.

Disclaimer:
The information contained in this release is as of January 2023. The content is for information purposes and as such, should not be construed as legal, tax, investment, financial, or other advice. The release contains forward-looking statements.

Bruce Perlowin
3234206800
bruce@bruceperlowin.com

FAQ

What does the 2023 Farm Bill mean for Hemp, Inc. (HEMP)?

The 2023 Farm Bill aims to facilitate industrial hemp production, reducing regulatory burdens and promoting growth opportunities for farmers.

What is the Industrial Hemp Act introduced for Hemp, Inc. (HEMP)?

The Industrial Hemp Act is designed to exempt farmers growing industrial hemp from stringent regulations, supporting the growth of the hemp industry.

How much carbon does hemp absorb compared to forests according to Hemp, Inc. (HEMP)?

Hemp absorbs twice as much carbon per hectare compared to forests, underscoring its environmental benefits.

What was the value of the hemp market in 2021 as reported by Hemp, Inc. (HEMP)?

The hemp market was reported to be worth $824 million in 2021, reflecting its significant economic potential.