CannabisNewsWire Editorial Coverage: With the announcement in April of the Industrial Hemp Farming Act of 2018, the industry could be looking at a federal redefinition of hemp. Industrial hemp is a great source for CBD (cannabidiol), a non-psychoactive cannabinoid with numerous medical applications ranging (http://cnw.fm/7tqIy). U.S. market projections for hemp range from $1.9 to $2.1 billion within the next two years and could hit $3 billion by 2021, according to one industry analyst (http://cnw.fm/MLA5w). This is great news for well-positioned sector players such as Marijuana Company of America (OTC: MCOA) (MCOA Profile), which recently executed a sizeable hemp-cultivation JV agreement. Other similarly positioned companies, such as Vancouver’s Aurora Cannabis, Inc. (ACB.TO) (OTCQX: ACBFF), UK-based GW Pharmaceuticals Plc (NASDAQ: GWPH), Medical Marijuana, Inc. (OTC: MJNA) and Rocky Mountain High Brands, Inc. (OTCQB: RMHB), are also in position to exploit the burgeoning CBD market.
If passed alongside companion House Bill 5485, the Hemp Farming Act would effectively remove hemp from regulation as a controlled Schedule 1 substance, restoring the plant’s historic status as an important U.S. agricultural commodity. With Senate Minority Leader Chuck Schumer and fellow Democrat Senator Michael Bennet from Colorado signing on to the Hemp Farming Act with Republican Senator Cory Gardner from Colorado, the bill now looks to have strong bipartisan support. A recent report from Brightfield Group issued prior to the announcement of the Hemp Farming Act estimated that the hemp-derived CBD products component of the hemp market alone could hit…
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