Business
Hemp, Inc. Reports: New Mexico on Track to Legalize Industrial Hemp
Hemp, Inc. Reports: New Mexico on Track to Legalize Industrial Hemp.
About this update from Hemp, Inc.
[{"type":"text","content":"\n \n \n Hemp, Inc. Reports: New Mexico on Track to Legalize Industrial Hemp\n \n \nHemp, Inc. Reports: New Mexico on Track to Legalize Industrial Hemp\n \n SPRING HOPE, NC--(Marketwired - Feb 23, 2017) - Hemp, Inc. (OTC PINK: HEMP) executives announce to shareholders today that another state, New Mexico, may soon join the ranks of states to legalize industrial hemp. According to the New Mexico Legislature, House Bill (HB)166, proposed by Representative Rick Little, overwhelmingly passed the House by a 53-13 final vote, last week. With a 50% progression to becoming state law, if enacted, this bill would exempt hemp from the state's list of controlled substances thereby setting the stage for New Mexicans to annul federal prohibition of hemp. According to an article posted on the Tenth Amendment Center blog, the proposed bill would \"open the door for a full-scale commercial hemp market in the state by treating it like any other crop for farming.\"\n Once HB166 passes the Senate and enacted into law, industrial hemp would be treated as any other crop grown in New Mexico such as chili peppers, onions, cotton, wheat, sorghum, beans, peanuts, potatoes or hay. New Mexico would not require a license to grow hemp nor require any type of state regulatory structure.\n As reported by Hemp, Inc. last year, Native American-owned CannaNative LLC was in final talks with the Navajo Nation, the largest federally recognized tribe, to grow industrial hemp on reservation land in New Mexico, as well as Arizona and Utah. The Navajo Tribe signed a resolution to grow industrial hemp on tribal lands. That allowed Navajo to work with CannaNative to develop industrial hemp farming. (CannaNative is an organization that assists tribes in developing hemp and cannabis-based economies on Native American lands throughout the United States.)\n Bruce Perlowin, CEO of Hemp, Inc. (OTC PINK: HEMP) said, \"Legalization of industrial hemp in New Mexico would benefit its economy and help facilitate tribal plans of expanding sources of revenue and may help to counteract the trend of less families farming land.\" One advocator for farmers and ranchers in New Mexico characterized it as a \"troubling trend in New Mexico.\" After careful analyzation of the trend's dynamics, economic factors were found to be at the root of the problem. But with ...