LFTD Partners Inc. Applauds Florida Governor DeSantis for Veto of Jobs-Destroying Hemp Bill

Rhea-AI Summary

On June 17, 2024, LFTD Partners Inc. (OTCQB: LIFD), the parent company of Lifted Made, issued a letter applauding Florida Governor Ron DeSantis for vetoing Senate Bill 1698. This bill, if passed, would have forced the closure of approximately 5,000 hemp businesses, resulting in the loss of 64,000 jobs and $8.9 billion in taxable business revenue for Florida. LFTD Partners emphasized the importance of Governor DeSantis's decision in protecting the hemp industry and preserving jobs and tax revenue. They criticized the bill as an attempt by large marijuana companies to monopolize the cannabis market in Florida by eliminating competition from the hemp sector.

Lifted Made, which produces hemp-derived consumer goods, stressed that the veto supports healthier alternatives to opioids and alcohol, arguing that reasonable regulations are necessary but wholesale shutdowns are not. The company highlighted the 2018 federal Farm Bill, which legalized hemp products, contrasting it with the illegal status of certain marijuana products under federal law.

Positive

• Veto of Senate Bill 1698 prevents potential shutdown of approximately 5,000 businesses.
• Preserved 64,000 jobs, maintaining $7.3 billion in wages for Floridians.
• LFTD Partners protects $8.9 billion in taxable business revenue for Florida.
• Reinforces the legality of hemp-derived products under the 2018 federal Farm Bill.
• Governor's veto is portrayed as a protective measure for the hemp industry and healthier alternatives.

Negative

• No immediate business or financial downsides reported in the PR.

JACKSONVILLE, FL / ACCESSWIRE / June 17, 2024 / LFTD Partners Inc. (OTCQB:LIFD) , the corporate parent of leading hemp-derived and other consumer products maker Lifted Made , issued the following open letter applauding Florida Governor Ron DeSantis for his June 7, 2024 veto of Senate Bill 1698, which if it had become law would have caused the shutdown of an estimated 5,000 businesses, the termination of employment of 64,000 employees earning $7.3 billion in wages, and the State of Florida losing $8.9 billion in taxable business revenue.

Dear Governor DeSantis,

Thank you for being courageous and protecting the hemp industry in Florida! Your veto safeguards thousands of Floridians' jobs and millions of dollars in tax revenue for Florida, while also providing Floridians healthier alternatives to opioids and alcohol.

SB 1698 was clearly an attempt by big marijuana companies to achieve a monopoly over cannabis in Florida by shutting down the livelihoods of thousands of hemp farmers, truckers, extractors, processors, testing labs, packagers, distributors, and retailers. It is ironic that some of the big marijuana companies, which manufacture and sell products that are explicitly illegal under federal law, are now trying to scare states into prohibiting hemp products that are explicitly legal under the 2018 federal Farm Bill.

Competition is healthy, and sensible regulations on both marijuana and hemp products are important, such as child-resistant packaging, age limitations, and lab testing requirements. But simply shutting down the entire hemp industry makes no sense. Instead of competing in the marketplace with the many options offered by the hemp industry, the big marijuana companies would rather just see the hemp industry destroyed by state legislation.

With all of the many issues facing our country today, is crushing the hemp industry the best use of our limited governmental resources? Let's not treat hemp-derived cannabinoids like they are fentanyl, meth or heroin. Hemp-derived cannabinoid products simply help people cope with the stresses of modern life, just like alcohol does.

Again, thank you Governor DeSantis for protecting the hemp industry in Florida!

Sincerely,

LFTD Partners Inc. (OTCQB: LIFD)

Lifted Made, maker of Urb Finest Flowers

About LFTD Partners Inc.

Publicly traded LFTD Partners Inc., Jacksonville, FL ( OTCQB:LIFD ) is the parent corporation of Lifted Made, Kenosha, WI ( www.urb.shop ), which manufactures and sells hemp-derived and other psychoactive products under its award-winning Urb Finest Flowers brand. Lifted Made is the worldwide, exclusive manufacturer and seller of Diamond Supply Co. ( www.DiamondSupplyCo.com ), and Cali Sweets hemp-derived products, and is the exclusive manufacturer and seller in the USA of hemp-derived products for a subsidiary of a large, publicly traded US marijuana company. LFTD Partners Inc. also owns 4.99% of CBD-infused beverage and products maker Ablis (www.Ablis.shop), and of craft distillers Bendistillery Inc. d/b/a Crater Lake Spirits ( www.CraterLakeSpirits.com ) and Bend Spirits, Inc. all located in Bend, OR. Please read LIFD's filings with the U.S. Securities and Exchange Commission which fully describe our business and the Risk Factors associated therewith. Stay updated with our company news and product launches by subscribing to our newsletters at www.LFTDPartners.com and at www.urb.shop .

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the operations, financing, growth, performance, products, plans and expectations of LFTD Partners Inc. and Lifted Made. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to these companies' actual operations, financing, growth, performance, products, plans or results of these companies differing materially from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain other factors, including the risk factors set forth in LFTD Partners Inc.'s filings with the Securities and Exchange Commission. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.

CONTACT:

Gerard M. Jacobs, Chairman and CEO of LFTD Partners Inc.
(847) 915-2446
GerardMJacobs@LFTDPartners.com
www.LFTDPartners.com

Nicholas S. Warrender, Vice Chairman and COO of LFTD Partners Inc.
(224) 577-8148
CEO@urb.shop
www.LFTDPartners.com

William C. "Jake" Jacobs, President and CFO of LFTD Partners Inc.
(847) 400-7660
JakeJacobs@LFTDPartners.com
www.LFTDPartners.com

SOURCE: LFTD Partners Inc.

View the original press release on accesswire.com

FAQ

What was the impact of Senate Bill 1698 on the hemp industry?

Senate Bill 1698 would have shut down around 5,000 hemp businesses and cost 64,000 jobs in Florida.

How much revenue was at stake with the passing of Senate Bill 1698?

The passing of Senate Bill 1698 would have resulted in a loss of $8.9 billion in taxable business revenue for Florida.

What action did Governor DeSantis take regarding Senate Bill 1698?

Governor Ron DeSantis vetoed Senate Bill 1698, protecting the hemp industry in Florida.

What are the potential benefits of the veto of Senate Bill 1698 for LFTD Partners (LIFD)?

The veto helps protect LFTD Partners' business and preserves jobs, wages, and revenue linked to the hemp industry.

Why did LFTD Partners support Governor DeSantis's veto of Senate Bill 1698?

LFTD Partners supported the veto as it safeguards the hemp industry, jobs, and revenue, and counters attempts by big marijuana companies to monopolize the market.