Hemp Inc (OTCMKTS:HEMP) highlighted material events happening in the hemp market. Bruce Perlowin, the CEO, said that the resurgence of cultivating industrial hemp in US is evident across the nation. All the material events form an integral part of a process aimed for full legalization. The economic advantage is strong for all participants. In past one week, the industry witnessed several formal debates on legalization of hemp.
Hemp Inc (OTCMKTS:HEMP) said that State Agriculture Department of Tennessee is developing a licensing and inspection plan for the cultivation of industrial hemp. It is even accepting application from candidates who are inclined to become a part of growing industry. Talking about development in Australia, Hemp reported that based on the parliamentary inquiry done in 2012, three new initiatives are being formulated to help in licensing process for industrial hemp.
Measures in Australia
Hemp Inc (OTCMKTS:HEMP) updated on the three introduced measures in Australia. The first initiative is to introduce special legislation for the production and supply of hemp for legitimate issues. The second measure is to extend licensing period from one year to five years. The third measure is to increase the allowable THC content limit from 0.35% to 1%. It will bring the allowed THC threshold in Australia in line with New South Wales. The three measures will provide more flexibility to farmers.
Hemp cultivation bill
Hemp Inc (OTCMKTS:HEMP) reported a debate going on in Europe on the hemp cultivation bill that is expected to be presented on the table in coming days. As per advocates of marijuana, legalizing hemp will pave the way for new opportunities in both industry and agriculture sectors. Its high time hemp cultivation should be legalized. The bureaucratic mix-up is creating problems in the way of legalization of hemp. Talking about developments in New York, Hemp said that Dr. David Mitlin of Clark University stated that hemp-powered batteries are better than graphene.