DALLAS, Dec 18, 2014 /PRNewswire/ -- Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed & Oil Company, Inc. today announced that late last night Governor Cuomo signed the bill allowing the cultivation of industrial hemp in New York.
"We are thrilled that American Seed & Oil's investment in New York has paid off as a result of the passage of the industrial hemp bill in New York," said Steven Rash, CEO of American Seed & Oil. "We are optimistic that this progress in New York will bode well for American Seed & Oil's national marketing strategy to introduce Medical Marijuana type strains of CBD oil from hemp into all fifty states."
The bill was sponsored by Assemblywoman Donna Lupardo, D-Endwell and was passed by both chambers of the New York Legislature in a near unanimous vote.
In anticipation of the bill passing, American Seed & Oil reached agreement earlier this year with a New York landowner to plant a hemp crop in New York in 2015. The Company has also developed a pending pilot research agreement with a New York University.
American Seed & Oil has introduced a nationwide strategy to corner a specific segment of the market currently targeted by medical marijuana cultivators.
The health and wellness benefits from medical marijuana are credited largely to two substances found in cannabis, Tetrahydrocannabinol (THC) and Cannabidiol (CBD).
Hemp typically has negligible amounts of THC but is rich in CBD. The therapeutic benefits of CBD suggested by preclinical studies include the treatment of seizure disorders, chronic pain, anxiety, nausea, schizophrenia, diabetes, PTSD, alcoholism, strokes, cardiovascular disease, cancer, as well as other ailments and various conditions.
Marijuana is typically rich in THC, but with limited CBD. Like CBD, THC also has many therapeutic benefits but is better known for its recreational characteristics.
The United States Drug Enforcement Administration (DEA) has differentiated hemp extracts not containing THC from marijuana in an effort to avoid disrupting 'legitimate industry.' Accordingly, hemp seeds, hemp oil, hemp lotions and other hemp infused products are readily available at boutique grocery stores, supermarkets and department stores.
In the states where legal medical marijuana policy has not been established, American Seed & Oil will work to establish a market presence by making CBD from hemp available to health and wellness consumers.
As part of its national CBD strategy, American Seed & Oil Company and World Hemp Oil recently entered into an agreement to produce, market and sell the EpiVape© CBD Oil Vaporizer in all 50 states in the United States. World Hemp Oil has recently conceived and developed the EpiVape© CBD vaporizer for children and adults with seizures and symptoms form other neurological disorders.
About Algae International Group, Inc.
Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed & Oil Company, Inc., is in the business of hemp production in Vermont to supply seed to the expanding hemp farming market, hemp based consumer products market, and hemp based construction material market. The Company is also piloting a number of other cannabis related products. For more information please visit www.americanseedandoil.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
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SOURCE Algae International Group, Inc.