UPDATE: Hemp, Inc. Reports: Industrial Hemp Act 2023

Rhea-AI Summary

On April 18, 2023, Hemp, Inc. (OTC:HEMP) announced critical discussions surrounding the 2023 Farm Bill, which aims to enhance the hemp industry by facilitating farmer participation. The bill, supported by U.S. Senators Jon Tester and Mike Braun, intends to ease regulatory burdens associated with growing industrial hemp. This includes exempting farmers from extensive background checks and costly testing protocols. Tester's statement highlighted the need to remove government obstacles, promoting job creation in rural areas. The Environmental and Energy Study Institute emphasized hemp's potential in carbon sequestration and as a substitute for fossil fuels and paper. The hemp market was valued at $824 million in 2021, and addressing legal ambiguities is crucial for continued growth.

Positive

• The 2023 Farm Bill aims to facilitate hemp production and remove regulatory barriers, potentially increasing market participation.
• Senators' bipartisan efforts to pass the Industrial Hemp Act could significantly ease operational burdens for farmers.
• The hemp market was valued at $824 million in 2021, indicating strong growth potential.

Negative

• None.

LAS VEGAS, NV, April 18, 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 Environmental and Energy Study Institute (EESI), “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.”

EESI 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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About Hemp, Inc.

With more than 10 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Hemp, Inc.’s 85,000-square-foot facility on over 9 acres in Spring Hope, N.C. is one of the largest industrial multipurpose hemp processing facilities in North America. Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.

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.

Forward-Looking Statements

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 on the Hemp, Inc. website by visiting www.hempinc.com/financial-disclosures/. The 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 and uncertainties.

Contact:
Hemp, Inc.
Investor Relations
(855) 436-7688
ir@hempinc.com

FAQ

What is the significance of the 2023 Farm Bill for Hemp, Inc.?

The 2023 Farm Bill aims to break down barriers for farmers, facilitating greater participation in the hemp industry, which can directly benefit Hemp, Inc.

Who introduced the Industrial Hemp Act in 2023?

The Industrial Hemp Act was introduced by U.S. Senators Jon Tester and Mike Braun on March 23, 2023.

What impact does the Industrial Hemp Act have on farmers?

The Act seeks to exempt farmers growing industrial hemp from burdensome regulations, thus streamlining the process of getting their products to market.

How much was the hemp market worth in 2021?

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