US Congress Backing of Farm Bill Will ‘Blow Off the Barn Doors Restricting the Hemp Industry’ Says Crop CEO
CROP CEO, Michael Yorke, says 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.
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. The breakthrough came after lawmakers worked out a House-Senate compromise earlier this month.
“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,” concluded Yorke.
Crop is publicly listed on the CSE and trades under the symbol “CROP” and in the US under the symbol “CRXPF”. CROP is focused on cannabis branding and real estate assets. The Company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada Cannabis farm, 2,115 acres of CBD farms, extraction in Nevada and joint ventures on West Hollywood and San Bernardino dispensary apps with international focuses in Jamaica and Italy.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line, US and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands. CROP’s infrastructure has over 150,000 sq ft of built canopy and over 2,900 acres of real estate.
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