LAS VEGAS, April 15, 2014 /PRNewswire/ -- The Passage of the
U.S. Farm Bill in February of this year opened the door for global
hemp industry leader, CannaVest Corp. (OTCBB:CANV)
("CannaVest"), to usher in the next phase of the potential $1
billion domestic industrial hemp industry. CannaVest, in
partnership with Alfonzo Abeyta,
owner of the Quarter Circle Lazy 5 Ranch, reached a major milestone
this week when it received a Commercial Industrial Hemp
Registration from the Colorado Department of Agriculture that
permits the growing and possessing of industrial hemp.
Well before passage of the U.S. Farm Bill, CannaVest Corp. began
strategic alliances with farmers and farm bureaus in states
including California, North Dakota, Vermont and Colorado, which is the State positioned to
become the leader in the development of a major new industry. On
April 7th, the company
officially partnered with Alfonzo
Abeyta — a fifth generation Colorado farmer, and owner of the Quarter
Circle Lazy 5 Ranch — to begin cultivation of industrial hemp for a
September harvest. CannaVest plans on building the processing mills
to make hemp seed oil, de-hulled hemp seeds, and hemp protein
powder as well as process, market, and sell the high-value hemp
fiber and hurds for construction materials and automotive
parts.
The Colorado Industrial Hemp Coalition calls 2014 "the year of
industrial hemp." The Colorado State Business Journal
reports that the legal cultivation and processing of industrial
hemp could provide the state with an infusion of new jobs and tax
revenue in the near-term. Farming proponents see it as a profitable
crop — one that is on par with commodities like soybeans and
corn. And a 2013 Congressional Research Service report cites a
range of feasibility and marketing studies conducted by the U.S.
Department of Agriculture (USDA) and various land grant
universities and state agencies promoting the production advantages
of industrial hemp as a rotational crop, that requires relatively
low input and management, and causes less environmental
degradation- due to its potential for soil cleaning
(phytoremediation) — a process that is being studied in
Colorado under its federally-legal
cultivation provisions.
"Given the existence of profitable markets for a wide array of
industrial and consumer products, commercial hemp industry in
the United States could provide
opportunities as an economically viable alternative crop for some
U.S. growers," the report said.
The U.S. is one of the fastest-growing hemp markets, with more
hemp fiber, seed and oil being imported by the U.S. than any other
country. The overall U.S. market for industrial hemp fiber and seed
products is currently estimated at over a half a billion dollars
($500 million), but currently none of that money is going to
American farmers, processors, or their families.
CannaVest Corp. has also 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. Under the guidance of Vice President, Chris Boucher, USHO will transition into a
leading provider of industry consultation, farming and processing
equipment, and products and services to support U.S. farmers and
businesses that cultivate and process industrial hemp.
Mr. Boucher is a twenty-year veteran of the industrial hemp
industry, as the founder and CEO of one of the first hemp product
companies in the 1990s, and the co-founder of the Hemp Industries
Association, one of the first formal Hemp Business
Associations. Mr. Boucher 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. The procurement of the Colorado
Department of Agriculture's industrial hemp registration permit in
2014 corresponds with the 20th anniversary of that
accomplishment.
Positioned as an innovative agri-food processing company, USHO
will also manufacture and distribute the first hemp seed oil and
hemp seed protein grown in the U.S., which it will manufacture and
distribute under its already established brands, including HEMP
FIT™.
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 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 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.
FORWARD-LOOKING DISCLAIMER
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.
LEGAL DISCLOSURE
CannaVest Corp. does not sell or distribute any products that
are in violation of the United States Controlled Substances Act
(US.CSA). The company does grow, sell and distribute hemp-based
products and are involved with the federally legal distribution of
medical marijuana-based products within certain international
markets.
Corporate Contact:
CannaVest Corp.
2688 S. Rainbow Blvd., Ste. B
Las Vegas, NV 89146
Office: 866-290-2157
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SOURCE CannaVest Corp.