Supervision of hemp by the Agriculture Department and removal of CBD from Controlled Substances Act opens the door to dramatic expansion of the industry
COLUMBUS, OH, Dec. 21, 2018 /PRNewswire/ - Green Growth Brands (CSE: GGBOTCQB:GGBXF) (GGB or the Company) recognizes the monumental shift in policy brought about by President Donald Trump's signing of the 2018 Farm Bill yesterday. The Farm Bill, which is renewed approximately every four years, removes industrial hemp (defined as hemp or hemp products containing less than 0.3% tetrahydrocannabinol, or THC) from the Controlled Substances Act and, thus, the purview of the Drug Enforcement Administration. The U.S. Department of Agriculture, as well as participating states, will now supervise the cultivation and use of industrial hemp.
The Farm Bill's passage comes at a time when Green Growth Brands is set to market and sell hemp-derived CBD personal care products under its Seventh Sense brand. The Company's goal is to become North America's leading retailer of cannabis and CBD products.
"The new bill is a significant step in America's acceptance of CBD and the benefits it can provide consumers," said Peter Horvath, CEO of Green Growth Brands. "This development dramatically accelerates our ability to grow our North American retail network. This piece of legislation provides clarity on how we can build out our operations and logistics, reassures those investing with us in this new, exciting industry and gets us closer to the ultimate goal of giving customers high quality CBD-infused personal care products at affordable prices."
Seventh Sense CBD-infused botanical therapy products include muscle balm, lotion, body wash, and foot cream. Designed to renew, restore and reawaken the mind, body and spirit, the collection can be viewed at www.shopseventhsense.com.
About Green Growth Brands
Green Growth brands expects to dominate the cannabis and CBD market with a portfolio of emotion-driven brands that people love. Led by Peter Horvath, the GGB team is full of retail and consumer packaged goods experts with decades of experience building successful brands. Join the movement at GreenGrowthBrands.com.
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend", "forecast" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United States, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those factors described under the heading "Risks Factors" in the Company's Annual Information Form dated November 26, 2018 which is available on the Company's issuer profile on SEDAR.
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SOURCE Green Growth Brands