HEMPCO FOOD AND FIBER INC. Symbol: TSX.V – HEMP
VANCOUVER, Nov. 22, 2017 /CNW/ - Hempco Food and Fiber Inc.
(TSX.V: HEMP) ("Hempco®" or the "Company") today provides feedback
to proposed changes to the proposals put forward by Health Canada
in a consultation document discussing the new Cannabis Act and
supporting regulations. Hempco management anticipates the
proposed regulations, when implemented, to dramatically accelerate
the Company's commercial growth.
The proposed changes clearly show the Federal Government
recognizes the important and distinctive characteristics of
Industrial Hemp, supporting the whole-plant-utilization concept
Hempco has consistently advocated for. The following
highlights some of the key changes that will drive the Industrial
Hemp market in general, and Hempco's commercial development in
particular:
- An industrial hemp licence would authorize related activities,
including possession, transportation, research and development,
consistent with other classes of licences;
- It is proposed that industrial hemp licences would authorize
the intra-industry sale of leaves, flowers and branches (or the
whole plant);
- Hemp defined as: cannabis plants whose leaves and flowering
heads contain less than 0.3% THC;
- Non-viable seed and hemp seed derivatives, mature stock without
leaf, flower, seed or branch having less than 10ppm THC are outside
the proposed Act, not requiring a license;
- An industry license would authorize possession, transportation,
research and development of the whole plant;
- THC testing only for new varieties of non-pedigree seed,
and
- Scientific, evidence based approach for cannabis products (with
less than 10ppmTHC) health claims to be strictly regulated by FDA
and Health Canada for safety, efficacy and quality under the NHP
framework as per the product risk profile:
https://www.canada.ca/en/health-canada/programs/consultation-proposed-approach-regulation-cannabis/proposed-approach-regulation-cannabis.html
Management Commentary
"The proposed regulations would constitute a complete game
changer that will allow Hempco to implement its vision for
whole-plant-utilization," said Charles
Holmes, President of Hempco. "With the near completion of
our dedicated processing facility expansion in Nisku, we are exceptionally well positioned to
supply the world with a growing portfolio of products, including
high-quality hemp-based food additives, fibers, and now also
CBD-based health products, which represents a rapidly growing
global market."
About Hempco
For more than 12 years Hempco has been a
trusted and respected pioneer, innovator and provider of premier
hemp seed foods. Hempco is committed to developing hemp foods, hemp
fiber and hemp nutraceuticals, a "tri-crop" opportunity for
producers and processors. Hempco is expanding its processing
ability to meet global demands in a 56,000 sq. ft. facility located
at Nisku, Alberta. Hempco's
common shares trade on the TSX Venture Exchange under the symbol
"HEMP". Hempco has grown its business significantly and is
generating value and profits for shareholders.
ON BEHALF OF THE
BOARD
Charles Holmes
President
HEMPCO FOOD AND FIBER
INC.
charles@hempcocanada.com
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements in this press
release include the Company's anticipation of further growth, its
expectation that continued spot inspections by the Canadian Food
Inspection Agency will strengthen its standing as a trusted
supplier, its intent to achieve the BRC Global Standard for Food
Safety and its efforts to implement these standards at its
Nisku, Alberta facility, its
expectation that the Nisku
facility will be operational by Winter 2017/2018, and its belief
that the investment agreement with Aurora will be approved by its
shareholders and help accelerate further growth. These
statements are only predictions. Various assumptions were used in
drawing the conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Companies
are under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
The TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Hempco Food and Fiber Inc.