LAS VEGAS, Feb. 10, 2014 (GLOBE NEWSWIRE) -- Hemp, Inc. (OTC:HEMP) applauds President Obama for signing the 2014 Agricultural Act into law which contained a provision making it legal, under Federal law, for universities and state agricultural departments to grow and research the industrial properties of hemp without penalty, in states where the once controversial crop is legal. This will open enormous new economic opportunities for Hemp, Inc. as the only industrial hemp publicly traded company. Those states, currently, are California, Colorado, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont, Washington and West Virginia. Prominent industry staples such as Hemp, Inc. (OTC:HEMP) are positioned to profit considerably from what could be the first step toward creating a multi-billion dollar hemp industry.
The 2014 Agricultural Act, known as the Farm Bill, was celebrated in the industry because it represents the first time in decades that industrial hemp was defined by federal law since the non-intoxicating plant was erroneously banned under the 1970 Controlled Substances Act. All forms of cannabis are federally prohibited under the Controlled Substances Act because marijuana has psychoactive properties. Even though hemp is in the same genus as marijuana, it does not contain any THC to "get high".
What does this mean for the industrial hemp industry? The classification of industrial hemp is not permanent. "Outlawing hemp because of its association with marijuana was one of the most counterproductive measures in U.S. history. But after decades of ignorance and misinformation, hemp can finally be differentiated from its potent cousin, marijuana allowing more legislation to be passed specific to hemp. Once it's permanently removed from the Controlled Substances Act, hemp will, once again, become a significant driving force in the U.S. economy," opined Bruce Perlowin, CEO of the first public company in the industry, Hemp, Inc. (OTC:HEMP).
The Farm Bill's provision on industrial hemp allows states to draft their own administrative rules, which means they have the flexibility to outsource cultivation to local farmers and can begin growing as soon as the local rules are accepted. According to the bill, there is no cap on the amount of hemp that can be grown, or for the size of a research facility.
Prior to the bill, annual retail sales in the industrial hemp industry was estimated at over $500 million. "Just think how it will increase now. This is monumental," said Perlowin. "The market opportunities for hemp, especially for Hemp, Inc. are astounding ... expanding into the mainstream. With our 108-acre hemp crop, in the Gansu Province of Northwest China, it's exciting to be offering hemp goods that Hemp, Inc. has produced from seed to sale."
Hemp, Inc. teamed up with the Yasheng Group, one of China's largest agricultural producers, last year and has been growing industrial hemp which is in high demand by consumers because the seeds are packed with essential fatty acids and proteins and unlike soy, hemp is not genetically modified. The other components of the crop are fiber, intended for textile use, and chaff for animal bedding and for use in hemp concrete. Hemp, Inc. is currently negotiating for expanded hemp cultivation ventures with Yasheng Group for Spring, 2014. "Our intent for this is to establish processing facilities onsite. Northwest China's environment is perfectly suited for the hemp plant, but it is a challenge getting goods to processing facilities and finally to market, so getting ramped up is key," said Perlowin.
With the demand for hemp food in America, Hemp, Inc. stands to gain a sizeable market share. The retail value of its harvest, in seed products alone, "could be well over $2,000,000" according to a previous release where Hemp, Inc. informed shareholders of their crop's progress. The crop also "consists of a Hemp cultivar suitable for textile manufacturing. These hemp fibers will be blended with cotton or other natural fibers and made into soft, durable garments such as T-shirts."
With a solid infrastructure to manufacture, Hemp, Inc. has positioned itself as the cutting edge leader at the birth of this new industry or the avant garde of the industrial hemp industry.
A value-added part of Hemp, Inc.'s crop is the plant's chaff. The chaff is highly absorbent and obtained by mechanical de-fibering after the seeds are removed and is used for wet process hemp concrete building applications and animal bedding. "We are using the chaff for hemp adobe bricks for the hemp houses we're building on our KinsDomain in Arizona and Florida," said Perlowin. Hemp, Inc. is building hemp houses on 4,500 acres in Arizona and in southern and central Florida.
According to Eric Steenstra, President of the advocacy group, Vote Hemp, "This is not just a boon to U.S. farmers, this is a boon to U.S. manufacturing industries as well."
As the laws around industrial hemp continue to unfold, industry newcomers and investors are looking for professional guidance and they are turning to Hemp, Inc.'s subsidiary, The Industrial Hemp and Medical Marijuana Consulting Company, Inc. (IHMMCC). Bruce Perlowin, CEO of Hemp, Inc. says, "I know where all the gold is hidden in this industry, every nuance of business niche, what will work and won't work, what has been tried before and what new ideas and concepts for the industry will fly or fail. When I'm not sure of something, or it's in one of the many areas outside my particular expertise then I know who to go to, who is an expert in this area and who more likely than not will immediately know all the answers or where to find them quickly. Our consulting division is extremely diverse and broad."
The Industrial Hemp and Medical Marijuana Consulting Company, Inc. pulls industry information from a vast network of specialists that consists of other public industry, public companies' CEOs and networks of experts, bankers, investors, lawyers, other consultants, industry analysts, and non-profits connected to this industry as well as the traditional industry experts in all areas of the various business opportunities the industry presents. Perlowin, and his associates, have an unrivaled wealth of knowledge and experience. This culmination of knowledge and experience has even attracted the attention of banks, which want in on the billions of dollars flowing through the public company sector of this industry.
Hemp, Inc. is also producing hemp-based products proven to increase the body's overall health and performance. The company boasts HerbaGenixTM nutraceuticals (www.herbagenix.com); BasicHemp (www.basichemp.com), their hemp protein shakes brand; and, custom-branded MJ Lover for Him and MJ Lover for Her (www.mjlover.com) and Re-Load's hemp nutraceuticals (www.re-load.biz) which are derived from a blend of organic nutrients, herbs, and vitamins including hemp extract, and AFA blue-green algae which is known for its healthful effects.
Other products of Hemp, Inc. include hemp gemstone candles (www.supportpatchadams.com) made on the Kins Domain; the Eco-Harmony Loyalty Card (www.ecoharmonycard.com); and, education and media (www.marijuanaincorporated.com).
Hemp, Inc.'s diversification also expands into the apparel industry with their hemp and natural fibre clothing (www.cartelblue.com) launching Spring, 2014. Cartel Blue will manufacture hemp jeans and other eco-friendly clothing. The apparel line's physical advantages are its hemp fibers due to its length, strength, durability, elasticity, and ability to withstand high temperatures without degeneration. It also has antimicrobial properties, as hemp is resistant to the growth of Aspergillus Niger ... a fungus and one of the most common species of the genus Aspergillus. It causes a disease called black mold and is ubiquitous in soil, commonly reported from indoor environments. Furthermore, hemp can be grown without or very minimal herbicides and pesticides.
In comparing hemp to cotton, a textile used in producing many garments, studies show cotton uses about 50% of the world's toxic crop chemicals and not only is hemp stronger, but it lasts longer, is more absorbent, warmer, breathes better, and is more microbially-resistant. Not to mention, hemp requires only a third as much water as cotton to grow and only a tiny fraction of the fertilizer, pesticide and herbicide that cotton does.
Aside from IHMMCC, Hemp, Inc. is poised to have Hemp, Inc. (http://www.hempinc.com) become the 'Amazon' of the hemp world, as they expect continued rapid growth in the industry. Their website is the definitive portal for all other hemp company products.
ABOUT HEMP, INC.
Hemp, Inc. (OTC:HEMP) focuses on the vast market created by the quickly emerging, and growing, multibillion dollar industrial hemp industry. Hemp, Inc. (OTC:HEMP) is not involved in the cultivation or marketing of medical marijuana. It is the company's belief that legalization of hemp in all 50 states and at the federal level will come to pass. With that in mind, the company is building infrastructure with the potential to gain substantial market share before and after industrial hemp prohibition ends. (Pending any federal licensing or other requirements, that may be enacted after hemp prohibition ends).
ABOUT THE INDUSTRIAL HEMP AND MEDICAL MARIJUANA CONSULTING COMPANY, INC.
The Industrial Hemp and Medical Marijuana Consulting Company (IHMMCC) is a wholly owned subsidiary of Hemp, Inc. (OTC:HEMP) that pulls industry information from a vast network of specialists that consists of other public industry, public company CEOs, bankers, investors, lawyers, industry analysts, and non-profits connected to the industry. IHMMCC is entrenched in all the multi-faceted opportunities in the medical marijuana and Industrial Hemp industry. (www.HempInc.com)
Hemp, Inc.'s TRIPLE BOTTOM LINE
Hemp, Inc. (HEMP) seeks to benefit many constituencies, not exploit or endanger any group of them. Thus, the publicly-traded company believes in "upstreaming" of a portion of profit from the marketing of their finished hemp goods back to its originator. By Hemp, Inc. focusing on comprehensive investment results — that is, with respect to performance along the interrelated dimensions of people, planet, and profits — our triple bottom line approach can be an important tool to support sustainability goals.
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. 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 and other factors, which may cause the actual results, performance or achievements of Hemp, Inc. to be materially different from the statements made herein.
http://www.herbagenix.com (hemp based supplements division)
http://www.basichemp.com (hemp protein with enhanced nutritionals)
http://www.mjlover.com (MJ Lover for Him; MJ Lover for Her)
http://www.re-load.biz (hemp-based nutraceuticals)
http://www.ecoharmonycard.com (loyalty card sustainable fundraiser for non-profits)
http://www.supportpatchadams.com (hemp gemstone candles and fundraiser for patch adams)
http://www.hempinc.tv (media and entertainment division)
http://www.cartelblue.com (eco-friendly clothing)