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Agritek Holdings, Inc. Applauds Passing Of 2018 US Hemp Farm Bill With Company Poised To Monetize Colorado Assets Through Approved Hemp License And Production Partners
Agritek Holdings, Inc. Applauds Passing Of 2018 US Hemp Farm Bill With Company Poised To Monetize Colorado Assets Through Approved Hemp License And Production Partners.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\nLOS ANGELES, CA, Dec. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTC PINK: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced the passing of the US Hemp Farm Bill of 2018 by both the Senate and House.\n The U.S. House on Wednesday followed the Senate and approved the 2018 Farm Bill that removes hemp from the U.S. Controlled Substances Act. The House voted 369-47 to agree to a Farm Bill compromise that includes redefining cannabis plants with no more than 0.3% THC. The measure aims to clarify that those low-THC cannabis plants aren’t illegal drugs, which would be the most significant change to the Controlled Substances Act since it was passed in 1971. President Trump now has 10 days to sign or veto the $867 billion bill; his signature is considered almost certain as Congress scrambles to finish its work before this session ends December 21st. The impact of this legislation on the cannabis industry is enormous. Last year, hemp sales in the U.S. reached $820 million, according to the Hemp Business Journal. That's without hemp being completely legal. These sales have been projected to reach $2.1 billion by 2020 -- and that's not taking into account the passage of the Farm Bill. The Hemp Farming Act includes language that will amend the federal list of controlled substances with regards to hemp. It also removes any federal regulations that keep farmers from growing and selling hemp and allows the farmers to collect crop insurance. Agritek Holdings will be part of the first groups to benefit from this landmark decision, inclusive of farmers and the states where hemp has already been legislated and identified as a crop with incredible potential to be monetized the raw material and hemp products. Next, are the companies that stand to benefit from focusing their product lines on hemp-derived CBD, which AGTK already producing products can now legally ship nationally. “This most important legislation in favor of our industry couldn’t come at a more opportunistic time for Agritek Holdings. New management is now poised to take advantage of the roads paved in Colorado by former management to execute on present contracts being negotiated with biomass production and the expansion of our...