SOURCE: Hemp, Inc.

Hemp, Inc.

October 28, 2015 13:54 ET

Hemp Industry Update: Industrial Hemp Bill on Senate Floor Nearing Legalization in Pennsylvania

LAS VEGAS, NV--(Marketwired - Oct 28, 2015) - Hemp, Inc. (OTC PINK: HEMP) reports today Senate Bill 50 has received its "first stamp of approval" in legalizing industrial hemp in Pennsylvania. Through the backing of Senator Judith L. Schwank of Senate District 11, serving Berks County and who also serves as Democratic chairwoman of the Senate's Agriculture and Rural Affairs Committee, Senate Bill 50 moved out of the Senate Agriculture and Rural Affairs Committee on yesterday (October 27th) by a vote of 11-0.

Senate Bill 50, which would allow research programs at colleges and universities to cultivate and process industrial hemp, now moves to the full Senate for consideration. Of course, the Bill would be in accordance with Federal law and subjected to 5-member board established to regulate with program within the State's Department of Agriculture.

Hemp, Inc. executives say it is becoming more and more evident that states are beginning to realize the enormous environmental and economic benefits of industrial hemp. Senator Schwank was quoted in an article saying, "We hope that, once we get this started, the commonwealth of Pennsylvania can become a powerhouse in the growth of hemp for all kinds of uses. There are so many opportunities for this, and we're losing out by not being able to grow it. Industrial hemp is not marijuana, and it's not medical marijuana. It's an age-old plant that has benefitted farmers and consumers for thousands of years, and it holds the promise of helping Pennsylvania farmers in significant ways, once again."

Bruce Perlowin, CEO of Hemp, Inc. (OTC PINK: HEMP) said, "It's all unfolding before our very eyes. States, such as Pennsylvania and more, want to reap the economic rewards of industrial hemp. Hemp can be used to manufacture a myriad of products from paper to building materials. It makes no sense that our American farmers can't grow it, but luckily that is rapidly beginning to change."

The 2014 Farm Bill relaxed restrictions on the production of industrial hemp and authorizes pilot programs after years of being illegal under the Controlled Substances Act of 1970 and the federal government enacting the Marijuana Tax Act in 1937 restricting industrial hemp production.

A similar proposal, House Bill 967, was voted out of the House Agriculture and Rural Affairs Committee earlier this month.

Pennsylvania is not the only state moving forward with the industrial hemp movement. North Dakota's Department of Agriculture is beginning its industrial hemp pilot program, greenlit under the 2014 Farm Bill and is "seeking applicants wanting to participate in agricultural or academic research."

In Pueblo, Colorado, a hemp oil plant is awarded an eight million dollar incentive package from the "city's half-cent economic development sales tax fund to help CBD Biosciences get its hemp-oil processing plant" up and running. According to the article, in yesterday's DenverPost, "The Pueblo Development Foundation will spend $3 million to rehab a Boeing rocket assembly plant at Pueblo Airport Industrial Park that has been vacant since 2004. CBD Biosciences, a partnership of Denver-based O.penVape and Thar Process Inc., receive $4.89 million to help purchase equipment." The endeavor is expected to create 163 new jobs by 2018 that will pay an average annual salary of $41.590, not including benefits.

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HEMP, INC.'S TRIPLE BOTTOM LINE

Hemp, Inc. (OTC PINK: HEMP) seeks to benefit many constituencies from a "Cultural Creative" perspective, thereby not exploiting or endangering any group. CEO of Hemp, Inc., Bruce Perlowin, is positioning the company as a leader in the industrial hemp industry, with a social and environmental mission at its core. Thus, the publicly traded company believes in "up streaming" a portion of its profits back to its originator, in which some cases will one day be the American farmer -- cultivating natural, sustainable products as an interwoven piece of nature. By Hemp, Inc. focusing on comprehensive investment results -- that is, with respect to performance along the interrelated dimensions of people, planet, and profits -- the triple bottom line approach can be an important tool to support its sustainability goal.

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