- Farm Bill 2018 legalizes hemp production in the United States, with some restrictions
- Hemp industry already estimated to reach over $1 billion in 2018 revenues
- Sugarmade, Inc. investing in hemp production to take advantage of the fast-growing U.S. hemp and cannabis market
Sugarmade, Inc. (OTC: SGMD), one of the largest publicly traded hydroponic supply companies, is discovering new opportunities in the hemp and cannabis industry as a landmark farm bill legalizes hemp cultivation in the United States.
The 2018 Farm Bill, approved by Congress and signed by President Trump, signifies important progress for enthusiasts of the cannabis plant and its by-products. While former laws did not differentiate between hemp and other cannabis plants (all were deemed illegal under the Controlled Substances Act of 1970), this latest bill has legalized the production of hemp in the United States, with some restrictions (http://cnw.fm/R3ZKl).
One noteworthy restriction dictates that hemp may contain no more than 0.3 percent THC, which is the plant’s compound responsible for creating a ‘high’. If a hemp product exceeds this amount, it would be classified as marijuana and thus no longer be protected under the Farm Bill.
The U.S. industrial hemp market is estimated to reach over $1 billion in 2018 revenues. Recently, Sugarmade has expanded its reach in the hydroponics industry and has strategic intentions to stay abreast of this burgeoning market, which will be made all the more lucrative with the passing of the 2018 legislation. The company is poised to meet this market upswell, as it has recently started planting an ultra-high cannabidiol (CBD) industrial hemp strain in Kentucky, which is known as “one of the best places to cultivate hemp in the world.”
Many in the industry are comparing the booming cannabis and hemp industry to the gold rush of the 19th century. As legalization legislation spreads throughout the country and economic demand for the products grows, companies are clamoring to diversify their products and services in order to get a piece of the multi-billion dollar action. Sugarmade is a noteworthy example. It has launched its own industrial hemp initiative, evidenced in part by its investment in Hempistry, a company specializing in hemp production. Among other industries, hemp has been seeing immense popularity in food and body care products, and it was recently named one of the top trends to watch by Whole Foods Market (http://cnw.fm/N6a1f).
Sugarmade, Inc. seeks to strengthen its competitive edge in the hemp and cannabis market through expansion and acquisition of brands with disruptive potential. Its current brands include ZenHydro.com, CarryOutSupplies.com and BudLife.
For more information, visit the company’s website at www.Sugarmade.com
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