Chairman and Chief Executive Officer of North American Cannabis Holdings Inc (OTCMKTS:USMJ), Steven Rash has reacted to media focusing mainly on CBD market following the passage of 2018 Farm Bill. He said the media has missed several opportunities of legalized hemp.
The Senate approved farm bill also includes legalization of farming of hemp. The group of companies USMJ includes Priority Aviation Inc (OTCMKTS:PJET), Kali Inc (OTCMKTS:KALY), Nouveau Life Pharmaceuticals Inc (OTCMKTS:NOUV), and Puration (USOTC:PURA).
CEO of USMJ Updates Shareholders on Opportunities of Legalization of Hemp
Kali Inc and PURA will benefit from media focused CBD market. PJET, USMJ, and NOUV have a lot more to offer than just hemp derived CBD. The media has failed to highlight the opportunities that hemp offers. CEO of USMJ has updated the shareholders about the overall opportunities generated by the legalization of hemp following the passage of 2018 Farm Bill in the US.
In his letter to the shareholders, he bats for the legalization of cannabis. The legalized hemp farming will bring a lot of benefits to industries such as construction, pharmaceuticals, farming, and energy. Legalization of hemp farming offers a lot of benefits for the economy and environment.
Hemp is also used as a raw material in paper manufacturing, clothing, and constriction. Hemp fiber also finds wide usage in supercapacitors and microprocessors. It requires little water for growth. It is a joyous news for investors of cannabis.
If the bill is able to get the nod of Congress and signed into a law by President Trump, farming of industrial hemp is expected to be legal in early 2019. Therefore, if it happens as expected, the demand for hemp as well as its bi-products will increase multi-fold.
Market for CBD is All Set to Reach $591 Million
The business for CBD is already $190 million in the US. Following the legalization of hemp, the market for CBD is expected to hemp derived CBD is expected to reach $591 million in 2018 and $22 billion in 2022. Cannabidiol or CBD, a compound derived from hemp and cannabis, offers a lot of therapeutic benefits including seizures and arthritis.