US Congress Backing of Farm Bill Will "Blow Off the Barn Doors Restricting the Hemp Industry

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Alert Sent 2018-12-12 08:17:47 AM ET

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Cannnabis Sector News: US Congress Backing of Farm Bill Will "Blow Off the Barn Doors Restricting the Hemp Industry" Says CEO of CROP

2018-12-12 08:17:14 AM ET (MT Newswires)



08:17 AM EST, 12/12/2018 (MT Newswires) -- CROP Infrastructure Corp. (CSE: CROP, OTC: CRXPF, Frankfurt: 2FR) CEO, Michael Yorke, noted Wednesday that the US Farm Bill, "so pivotal to the future of the hemp-CBD and cannabis industry," has advanced to within a "hair's breadth" of becoming law.


Yorke noted yesterday the Senate voted overwhelmingly in an 87 to 13 vote to approve the $867 billion farm bill. The legislation now heads to the House, where it is also expected to pass. 


In a statement, Yorke said: "President Trump expressed his support yesterday as well, so we are not anticipating any further hiccups. Once he signs it into law, billions of dollars in subsidies will flow to farmers, but, from our perspective of course, it is the legalization of hemp which will blow off the political barn doors that have been restricting our industry.


"There is no bigger event than this for the CBD industry. It has been a long time coming and the ramifications are enormous for the USA which is home to some of the best Hemp-CBD genetics in the World.


"CBD, which is expected to grow into a $22 billion industry by 2022, has been stigmatized unfairly for far too long. Now that will all drift rapidly away into oblivion as this industry forges ahead and brings so much benefit to society," continued Yorke.


On December 4th., CROP announced its 49% owned subsidiary Elite Ventures had leased an additional 250 acres in Nevada taking the company's 2019 state holdings to 2,115 acres with 1,350 acres already under pivot irrigation for hemp CBD production. "We are planning to stay well ahead of the curve on hemp and its products as all indications are that this sector alone will prove far more vigorous than was initially forecast," said Yorke.