2018 Farm Bill Nears Passage for Hemp CBD Product Boom
December 13 2018 - 10:27AM
InvestorsHub NewsWire
Hicksville, NY -- December 13, 2018 -- InvestorsHub NewsWire
-- Canbiola, Inc. (OTCQB: CANB), is pleased to join the
industry in applauding the Senate and House passage of the 2018
Farm Bill, awaiting the expected President’s
signature.
According to CNN, The House of Representatives passed the final
version of a massive farm bill Wednesday, clearing a
major, must-pass item from the legislative agenda before the end of
the year and the start of the next congressional session. The bill,
which passed both the House and Senate with strong bipartisan
support, next heads to President Donald Trump's desk for his
signature. In the Senate, the vote on Tuesday was 87-13, and in the
House, it was 369-47. Negotiators also agreed to include
legislation that would legalize industrial hemp, a significant
development for producers of cannabidiol, or CBD oil.
Senate Majority Leader, Mitch McConnell referenced that this
bill removes industrial hemp from the federal government's list of
controlled substances, making it a lawful agricultural
commodity. But of interest to public cannabis companies is
the bill's implications for the U.S. market for cannabidiol, a
"non-psychoactive" chemical found in hemp and marijuana.
According to industry analysts, this new version
creates far more certainty around the legality of the commercial
sale of hemp-derived products (with less than 0.3 percent THC,
namely CBD), and clarifies the legality of interstate commerce.
Industry publication Hemp Business Journal estimates the total
retail value of hemp products sold in the U.S. in 2017 to be
at least $820 million, with help derived CBD products constituting
23 percent of sales. CBD products, such as Canbiola’s family
of products that include the non-psychoactive compound CBD,
cannabidiol are used for a wide range of medical conditions,
ranging from epilepsy and multiple sclerosis to arthritis and
chronic pain. Laws involving CBD products differ in each
state. Hemp Industry Daily projects the hemp-derived
CBD retail market will reach between $2.5 billion and $3.1 billion
by 2022, which assumes growth in retail penetration but a scenario
of no major change in current federal policies concerning hemp.
Canbiola is a manufacturer of proprietary CBD non-psychoactive
cannabinoid products extracted from the hemp plant focused on the
commercial development of hemp and CBD-based products for both the
medical and consumer market. Its product line includes hemp
oil drops (of various concentrations), muscle and joint salves, and
manufacturing of its new CBD CryoGel pain relief product.
According to Canbiola’s CEO Marco Alfonsi, "This
2018 Farm Bill, if passed, opens the floodgates for this industry
to grow very rapidly and scale on a national level." Mr.
Alfonsi added, "Canbiola is perfectly positioned with its industry
relationships, owned laboratory, and processing facility, and a
head start in the marketplace with its line of CBD hemp-based
products already available in hundreds of medical facilities in the
USA.” Alfonsi concluded, “This is a very exciting time in the
world of hemp and CBD and we are passionate about the potential to
change people’s lives with our CBD products.”
About Canbiola, Inc.:
Canbiola, Inc. is a public company trading under symbol
CANB.
Canbiola, Inc. is a US Company embarking in the sale of a
variety of Cannabidiol (CBD) based products. Canbiola has developed
its own line of proprietary products as well as seeking synergistic
value through acquisitions in the CBD and the medical cannabis
industry. Cannabis is currently federally illegal and has legalized
for medical purposes in some form in a limited number of states,
but pure CBD products are legal in all 50 states. The company has
already launched several products found
at www.canbiola.com.
CONTACT INFORMATION:
Canbiola Investor Relations
Email: IR@canbiola.com
Phone: (516) 595-9544
Website: http://www.canbiola.com
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