Hemp, Inc. (HEMP) Applauds House, Senate Passage of Proposed Bill for Industrial Hemp Cultivation in NC

Hemp, Inc. this morning expressed its favor of proposed Senate Bill 313, which earlier this week passed the House and the Senate with a vote of 42 to 2. Upon final approval by Governor Pat McCory, the bill will authorize an industrial hemp pilot program within the state of North Carolina and establish the Industrial Hemp Commission (IHC) to implement and oversee the university research program for the cultivation of industrial hemp.

IHC will collaborate with the North Carolina Industrial Hemp Association (NCIHA), of which David Schmitt, COO of Hemp, Inc.’s North Carolina-based Industrial Hemp Manufacturing, LLC subsidiary, is on the board of directors.

Bruce Perlowin, CEO of Hemp, Inc., in the news release stated, “We couldn’t be more excited. Just one day after the House approved the bill, it was approved by the Senate. This is a major accomplishment for the state. Years ago, the Senator Stan Bingham attempted to pass an Industrial Hemp bill but North Carolina’s law enforcement opposed it and that buried the bill. Now, there are no objections to it. People are being educated on the myriad benefits of industrial hemp, including how it can help the economy. I believe we’ll see less objections across the country as more people begin to understand what hemp is and how it can benefit them as an individual and how it benefits their community. Our multipurpose hemp processing plant is the only one in the state, so we are thrilled.”

Despite snags in legislation, the U.S. market for hemp products was valued to be at least $620 million, according to the non-profit trade association Hemp Industries Association (HIA). This includes hemp food, body care products, non-diary milk, shelled seeds, soaps, lotions, clothing, auto parts, building materials and various other products.

Per Senate Bill 313 (which can be viewed here), the general assembly declared that promoting and encouraging the development of the industrial hemp industry will benefit North Carolina residents by promoting economic activity, expanding employment, and providing opportunities “to small farmers for an environmentally sustainable and profitable use of crop lands that might otherwise be lost to agricultural production.”

“This is exciting news for North Carolina farmers who will be able to cultivate industrial hemp again for the first time in 71 years,” said Thomas Shumaker, executive director for NCIHA.

Passage of the bill through North Carolina’s House and Senate is also exciting news for Hemp, Inc., whose multipurpose industrial hemp processing plant in Spring Hope, North Carolina, is 80% complete. As previously announced, German engineer Jens Kleinert of Temafa Machines, the manufacturer of Hemp, Inc.’s decortication machine, is visiting the plant to monitor the re-installation and has since derived a list of final tasks that need to be done in preparation for maximum operational efficiency.

Once the facility is operational, Hemp, Inc. will process kenaf until Senate Bill 313 goes into effect. Kenaf, known as “cotton’s cousin,” is a fibrous hibiscus cannabinus plant with a growing number of uses, including paper, carpet backing and padding, roofing felt, fire logs, cardboard and more.

“Even with the kenaf, we expect it to produce millions of dollars in revenue a year, which is already legal and very lucrative,” he stated.

For more information on Hemp, Inc. visit www.hempinc.com

For more information on current hemp laws, visit www.VoteHemp.com

About QualityStocks

QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.

Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net

The Quality Stocks Daily Blog http://blog.qualitystocks.net

The Quality Stocks Daily Videos http://videocharts.qualitystocks.net

 The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net

Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net