Hemp Inc (OTCMKTS:HEMP) updated on Senate Bill (SB) 134 that aims to legalize hemp cultivation in the U.S. The bill was assigned and submitted to Congressional Committee last month. It was filed by Senator Ron Wyden and co-sponsored by Senator Merkley, Senator Rand Paul and Senator McConnell. As per the report, the bill titled ‘Industrial Hemp Farming Act of 2015’ aims to eliminate federal bans on the domestic cultivation of industrial hemp.
The management view
Bruce Perlowin, the CEO of Hemp Inc (OTCMKTS:HEMP), commented that Senate Bill 134 is a step closer to full legalization. The news surrounding the sector is good, and there are strong indications that the market is poised for growth. The bill is a reintroduction of the Senate Bill 359, titled as the ‘Industrial Hemp Farming Act’ of 2013. It was not approved, but that doesn’t imply history will repeat itself. This time industrial hemp industry expects the bill to be approved by Committee.
The executives of Hemp said that they were reveling in the progression of industrial hemp market. Craig Perlowin, the Secretary of Hemp Inc (OTCMKTS:HEMP), said that the industrial hemp market in the U.S. is valued at almost $500 million per year. There are more than 25,000 uses for industrial hemp including bio-fuel, cosmetics, plastics, food and more. It is very alarming that the United States is the top importer of hemp fiber for numerous products. The top two exporters of hemp fiber are China and Canada. If the demand is high in the U.S., then It should have the required facilities to grow it within the country.
The U.S. restriction on Hemp Inc (OTCMKTS:HEMP) cultivation is an outrageous ban on free enterprise. It does no good but only hurts economic growth and job creation. The bipartisan bill is business as well as environmental friendly. It will also bring several benefits to the farmer. Congress must consider the bill that will ultimately boost economic activity in the U.S.