LAS VEGAS, April 15, 2014 /PRNewswire/ -- The Passage of the U.S. Farm Bill in February of this year opened the door for global hemp industry leader, CannaVest Corp. (OTCBB:CANV) ("CannaVest"), to usher in the next phase of the potential $1 billion domestic industrial hemp industry. CannaVest, in partnership with Alfonzo Abeyta, owner of the Quarter Circle Lazy 5 Ranch, reached a major milestone this week when it received a Commercial Industrial Hemp Registration from the Colorado Department of Agriculture that permits the growing and possessing of industrial hemp.
Well before passage of the U.S. Farm Bill, CannaVest Corp. began strategic alliances with farmers and farm bureaus in states including California, North Dakota, Vermont and Colorado, which is the State positioned to become the leader in the development of a major new industry. On April 7th, the company officially partnered with Alfonzo Abeyta — a fifth generation Colorado farmer, and owner of the Quarter Circle Lazy 5 Ranch — to begin cultivation of industrial hemp for a September harvest. CannaVest plans on building the processing mills to make hemp seed oil, de-hulled hemp seeds, and hemp protein powder as well as process, market, and sell the high-value hemp fiber and hurds for construction materials and automotive parts.
The Colorado Industrial Hemp Coalition calls 2014 "the year of industrial hemp." The Colorado State Business Journal reports that the legal cultivation and processing of industrial hemp could provide the state with an infusion of new jobs and tax revenue in the near-term. Farming proponents see it as a profitable crop — one that is on par with commodities like soybeans and corn. And a 2013 Congressional Research Service report cites a range of feasibility and marketing studies conducted by the U.S. Department of Agriculture (USDA) and various land grant universities and state agencies promoting the production advantages of industrial hemp as a rotational crop, that requires relatively low input and management, and causes less environmental degradation- due to its potential for soil cleaning (phytoremediation) — a process that is being studied in Colorado under its federally-legal cultivation provisions.
"Given the existence of profitable markets for a wide array of industrial and consumer products, commercial hemp industry in the United States could provide opportunities as an economically viable alternative crop for some U.S. growers," the report said.
The U.S. is one of the fastest-growing hemp markets, with more hemp fiber, seed and oil being imported by the U.S. than any other country. The overall U.S. market for industrial hemp fiber and seed products is currently estimated at over a half a billion dollars ($500 million), but currently none of that money is going to American farmers, processors, or their families.
CannaVest Corp. has also been investing in emerging industrial hemp companies, technology and intellectual property, and recently established US Hemp Oil (USHO) as a manufacturing and distribution vehicle to facilitate the demand for U.S. industrial hemp imports. Under the guidance of Vice President, Chris Boucher, USHO will transition into a leading provider of industry consultation, farming and processing equipment, and products and services to support U.S. farmers and businesses that cultivate and process industrial hemp.
Mr. Boucher is a twenty-year veteran of the industrial hemp industry, as the founder and CEO of one of the first hemp product companies in the 1990s, and the co-founder of the Hemp Industries Association, one of the first formal Hemp Business Associations. Mr. Boucher also has the distinct honor of being the first person to legally grow hemp in the U.S. in 1994, when he cultivated a hemp research field at the U.S. Department of Agriculture's Research station in California. The procurement of the Colorado Department of Agriculture's industrial hemp registration permit in 2014 corresponds with the 20th anniversary of that accomplishment.
Positioned as an innovative agri-food processing company, USHO will also manufacture and distribute the first hemp seed oil and hemp seed protein grown in the U.S., which it will manufacture and distribute under its already established brands, including HEMP FIT™.
About CannaVest Corp.
CannaVest Corp. is in the business of investing and developing hemp-based cannabinoid companies. CannaVest Corp. also develops, produces, markets and sells end-consumer products to the nutraceutical industry containing the hemp plant extract, cannabidiol (CBD). Additionally, the company resells raw product acquired by CannaVest Corp. Pursuant to the company's supply relationships in Europe, CannaVest Corp. seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers. Cannabinoids (cannabidiol/CBD) are natural constituents of the hemp plant, and CBD is derived from hemp stalk and seed. Additional information is available from OTCMarkets.com or by visiting CannaVest.com.
About PhytoSPHERE Systems
Phytosphere Systems is a global phytocannabinoid biotechnology company and a wholly-owned subsidiary of CannaVest Corp. (OTCBB:CANV). The company utilizes advanced cultivation methods and state-of-the-art processing technology leading to development of pharmaceutical, nutraceutical and food products.
Phytosphere Systems, the manufacturer of the CBD-rich hemp oil used in Real Scientific Hemp Oil (RSHO), has developed special cultivars (similar to "strains") that produce hemp that is especially rich in CBD, making it possible for Phytosphere to offer all-natural products with high concentrations of hemp-based CBD. For more information, visit: Phytospheresystems.com
About US Hemp Oil
US Hemp Oil seeks to develop the United States industrial hemp industry. The company is dedicated to the procurement, processing, marketing and distribution of bulk wholesale hemp seed, hemp oil, protein, food and hemp body care products. US Hemp Oil currently has three brands: RSHO™, Cibaderm™, and Cibdex™. US Hemp Oil is determined to bring hemp products into the mainstream by creating greater public awareness of and media exposure for the exceptional nutritional profile of hemp and the environmental benefits of growing industrial hemp. For more information, please visit: USHempOil.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of CannaVest Corp. to be materially different from the statements made herein.
CannaVest Corp. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). The company does grow, sell and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets.
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SOURCE CannaVest Corp.