CannaVest Corp and US Hemp Oil Poised to Lead Resurgence of Domestic Industrial Hemp Industry

BY  | FROM GLOBE NEWSWIRE | 2014-02-11 17:20
Hemp Law Opens the Door for Global Hemp Industry Leader CannaVest Corp. to Usher in the Next Phase of U.S. Domestic Hemp Market
SAN DIEGO, Feb. 10, 2014 (GLOBE NEWSWIRE) -- President Obama signed the U.S. Farm Bill into law today, which includes a significant provision removing federal barriers to hemp production in states where pro-hemp legislation has already been enacted. CannaVest Corp (OTCBB:CANV), already the world's largest industrial hemp company, is poised to lead the resurgence of the potential $1 billion domestic industrial hemp industry, through key company investments and acquisitions, including its Production and Manufacturing Division- US Hemp Oil (USHO). USHO was established to facilitate the U.S. demand for industrial hemp exports, and plans to be in the forefront of establishing the domestic industrial cultivation and production infrastructure.
The new law recognizes the legal differences between industrial hemp and marijuana, and represents the first time that "industrial hemp" has been defined by federal law since the plant was banned under the 1970 Controlled Substances Act.
CannaVest Corp. has been investing in emerging industrial hemp companies, technology and intellectual property, and recently established US Hemp Oil (USHO) as a manufacturing and distribution vehicle to facilitate the demand for U.S. industrial hemp imports. USHO has also been developing strategic alliances with American farmers and farm unions, under the direction of Chris Boucher, a twenty-year veteran of the Industrial hemp Industry.
"Currently, 100% of the $550 million of hemp products we use in the U.S. annually are imported into the country. Hemp can be used in approximately 25,000 different products, from beauty and health products, to food and construction and automotive materials. Legal cultivation could provide the biggest agro-economic opportunity in the United States the last 70 years," states Chris Boucher, an executive at US Hemp Oil.
As the founder and CEO of one of the first hemp product companies in the 1990s, Mr. Boucher brings valuable business industry knowledge to USHO. Mr. Boucher also was the co-founder of the Hemp Industries Association, one of the first formal Hemp Business Associations, and he also has the distinct honor of being the first person to legally grow hemp in the U.S. in 1994, when he cultivated a hemp research field at the U.S. Department of Agriculture's Research station in California. This year marks the 20th Anniversary of that accomplishment.
Under Mr. Boucher's leadership, USHO is committed to leading the resurgence of the U.S. agricultural economy through the growth, processing and distribution of domestic hemp products.
"Our goal," according to CannaVest Corp. President and CEO Michael Mona, Jr., "is to bring back jobs and opportunity for farmers here in the U.S., and to revitalize rural communities."
Currently, 10 states have varying regulatory approvals to cultivate industrial hemp, including California and Colorado. USHO has already established inroads with local legislators, authorities, and farming associations in Colorado, where US Hemp Oil plans to cultivate industrial hemp, invest in seed mills and production equipment, and to develop and distribute products such as hemp oil and hemp protein powder.
In California, where limited cultivation is permitted for research purposes under the state's Industrial Hemp Farming Act (SB 566), USHO and Mr. Boucher will lead our research efforts including testing correct seed cultivars for specific climate conditions, quantifying seed oil and fiber for the purpose of producing food, feed stock, building materials, and other industrial products. Mr. Boucher is joined by Dr. Josh Hartsel, Ph.D., who will be performing selective breed tests and laboratory analysis, at our research facility in San Diego, CA.


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