SAN DIEGO, Feb. 10, 2014 (GLOBE NEWSWIRE) -- President Obama signed the U.S. Farm Bill into law today, which includes a significant provision removing federal barriers to hemp production in states where pro-hemp legislation has already been enacted. CannaVest Corp (OTCBB:CANV), already the world's largest industrial hemp company, is poised to lead the resurgence of the potential $1 billion domestic industrial hemp industry, through key company investments and acquisitions, including its Production and Manufacturing Division- US Hemp Oil (USHO). USHO was established to facilitate the U.S. demand for industrial hemp exports, and plans to be in the forefront of establishing the domestic industrial cultivation and production infrastructure.
The new law recognizes the legal differences between industrial hemp and marijuana, and represents the first time that "industrial hemp" has been defined by federal law since the plant was banned under the 1970 Controlled Substances Act.
CannaVest Corp. has been investing in emerging industrial hemp companies, technology and intellectual property, and recently established US Hemp Oil (USHO) as a manufacturing and distribution vehicle to facilitate the demand for U.S. industrial hemp imports. USHO has also been developing strategic alliances with American farmers and farm unions, under the direction of Chris Boucher, a twenty-year veteran of the Industrial hemp Industry.
"Currently, 100% of the $550 million of hemp products we use in the U.S. annually are imported into the country. Hemp can be used in approximately 25,000 different products, from beauty and health products, to food and construction and automotive materials. Legal cultivation could provide the biggest agro-economic opportunity in the United States the last 70 years," states Chris Boucher, an executive at US Hemp Oil.
As the founder and CEO of one of the first hemp product companies in the 1990s, Mr. Boucher brings valuable business industry knowledge to USHO. Mr. Boucher also was the co-founder of the Hemp Industries Association, one of the first formal Hemp Business Associations, and he also has the distinct honor of being the first person to legally grow hemp in the U.S. in 1994, when he cultivated a hemp research field at the U.S. Department of Agriculture's Research station in California. This year marks the 20th Anniversary of that accomplishment.
Under Mr. Boucher's leadership, USHO is committed to leading the resurgence of the U.S. agricultural economy through the growth, processing and distribution of domestic hemp products.
"Our goal," according to CannaVest Corp. President and CEO Michael Mona, Jr., "is to bring back jobs and opportunity for farmers here in the U.S., and to revitalize rural communities."
Currently, 10 states have varying regulatory approvals to cultivate industrial hemp, including California and Colorado. USHO has already established inroads with local legislators, authorities, and farming associations in Colorado, where US Hemp Oil plans to cultivate industrial hemp, invest in seed mills and production equipment, and to develop and distribute products such as hemp oil and hemp protein powder.
In California, where limited cultivation is permitted for research purposes under the state's Industrial Hemp Farming Act (SB 566), USHO and Mr. Boucher will lead our research efforts including testing correct seed cultivars for specific climate conditions, quantifying seed oil and fiber for the purpose of producing food, feed stock, building materials, and other industrial products. Mr. Boucher is joined by Dr. Josh Hartsel, Ph.D., who will be performing selective breed tests and laboratory analysis, at our research facility in San Diego, CA.
About CannaVest Corp.
CannaVest Corp. is in the business of investing and developing hemp-based cannabinoid companies. CannaVest Corp. also develops, produces, markets and sells end-consumer products to the nutraceutical industry containing the hemp plant extract, cannabidiol (CBD). Additionally, the company resells—to third parties—raw product acquired by CannaVest Corp. pursuant to the company's supply relationships in Europe. CannaVest Corp. seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers. Cannabinoids (cannabidiol/CBD) are natural constituents of the hemp plant, and CBD is derived from hemp stalk and seed. Additional information is available from OTCMarkets.com or by visiting CannaVest.com.
About PhytoSPHERE Systems
PhytoSPHERE Systems is a global phytocannabinoid biotechnology company based in San Diego, California and a wholly-owned subsidiary of CannaVest Corp. (OTCBB:CANV). The company utilizes advanced cultivation methods and state-of-the-art processing technology leading to development of pharmaceutical, nutraceutical and food products.
PhytoSPHERE Systems, the manufacturer of the CBD-rich hemp oil used in Real Scientific Hemp Oil (RSHO), has developed special cultivars (similar to "strains") that produce hemp that is especially rich in CBD, making it possible for PhytoSPHERE to offer all-natural products with high concentrations of hemp-based CBD. For more information, visit: PhytoSPHERESystems.com
About US Hemp Oil
US Hemp Oil seeks to develop the United States industrial hemp industry. The company is dedicated to the procurement, processing, marketing and distribution of bulk wholesale hemp seed, hemp oil, protein, food and hemp body care products. US Hemp Oil currently has three brands: RSHO, Cibaderm, and Cibdex. US Hemp Oil is determined to bring hemp products into the mainstream by creating greater public awareness of and media exposure for the exceptional nutritional profile of hemp and the environmental benefits of growing industrial hemp. For more information, please visit: USHempOil.com
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 CannaVest Corp. to be materially different from the statements made herein.
CONTACT: CannaVest Corp. 2688 S. Rainbow Blvd., Ste. B Las Vegas, NV 89146 Office: 866-290-2157Source:CannaVest Corp.