Hempco to Develop New Revenue Stream on Implementation of
Bill C45
TSX.V:
HEMP
VANCOUVER, June 11, 2018 /CNW/ - Hempco Food and Fiber
Inc. (TSX.V: HEMP) ("Hempco®" or the "Company") today comments on
the vote in the Canadian Senate in favour of Bill C-45, the
proposed new Cannabis Act and Regulations.
"The historic Senate vote clears the way for whole hemp plant
utilization, a complete game changer for our industry that will
allow Hempco to develop new revenue streams in potentially very
significant markets," said Diane
Jang, CEO of Hempco. "Bill C-45 will complete our
sustainable tri-crop utilization of the industrial hemp plant and
further position Hempco as a global supplier and marketer of high
quality hemp-based foods, fibers, and now also CBD-based health
products."
Food, CBD and Fiber Production – Changing legislation
will permit us to utilize the entire crop of industrial hemp,
including the leaves, flowers and branches, containing less than
0.3% THC. Currently much of the plant is discarded as waste. Hempco
currently processes the hemp seeds into hemp-based foods and will
soon be utilizing the stalk of the hemp plant as a fiber source for
industrial building and textile uses, to be produced at its new
56,000 square foot facility in Nisku,
Alberta.
Ms. Jang continued, "The extraction of CBD allowed for under the
new Act is a core component of our strategy going forward, and we
are well positioned to take advantage of this enormous opportunity,
subject to obtaining the requisite license. Together with our
strategic partner and majority shareholder Aurora Cannabis, we are
now in prime position to take our hemp business to the next level
and develop new, high-volume, value added products. The combined
distribution channels of Aurora and Hempco will ensure broad market
coverage, enabling us to pursue accelerated growth."
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".
On behalf of the Boards of
Directors,
HEMPCO FOOD AND FIBER INC
Diane Jang
CEO
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.
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.
SOURCE Hempco Food and Fiber Inc.