2018 Farm Bill Nears Passage for Hemp CBD Product Boom
Hicksville, NY - (NewMediaWire) - December 13, 2018 - 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.
Canbiola Investor Relations
Phone: (516) 595-9544
Source: Canbiola Inc.