Business
Next 5 States With Opportunity to Legalize Cannabis -- Hemp, Inc. Cannabis Industry Update
Next 5 States With Opportunity to Legalize Cannabis -- Hemp, Inc. Cannabis Industry Update.
About this update from Hemp, Inc.
[{"type":"text","content":"\n \n \n Next 5 States With Opportunity to Legalize Cannabis -- Hemp, Inc. Cannabis Industry Update\n \n \nNext 5 States With Opportunity to Legalize Cannabis -- Hemp, Inc. Cannabis Industry Update\n \n LAS VEGAS, NV--(Marketwired - Aug 23, 2016) -  The November 8, 2016 ballot is rapidly approaching with an unprecedented nine states to have marijuana initiatives included. Five of the nine states (California, Nevada, Arizona, Maine, and Massachusetts) are voting on whether to legalize recreational use of marijuana. Hemp, Inc. (OTC PINK: HEMP) CEO, Bruce Perlowin, said, \"While Hemp, Inc. keeps its focus on industrial hemp, we continue to stay abreast of the cannabis sector. More states are voting in favor of cannabis as they are hemp. A yes vote on California's ballot initiative, referred to as the 'Adult Use of Marijuana Act', favors legalizing not just marijuana but hemp also.\"\n With the country's largest industrial hemp processing facility and milling operation underway, Hemp, Inc. (OTC PINK: HEMP) is strategically positioned as the leader of the re-emerging industrial hemp industry to process industrial hemp and manufacture products made from hemp, as well as Lost Circulation Material (LCM) and other absorbent materials. \"We are optimistic the November ballots will favor the cannabis and hemp industries,\" said Perlowin. Sources say if legalized, marijuana could become available to about 25% of the country. \"Right now in the United States about 17 million people have access to recreational marijuana. That number could double from California voters passing their recreational marijuana initiative alone.\" (Source: Green Rush Daily)\n According to Ballotpedia, California's initiative \"Legalizes marijuana under state law, for use by adults 21 or older. Imposes state taxes on sales and cultivation. Provides for industry licensing and establishes standards for marijuana products. Allows local regulation and taxation. Additional tax revenues ranging from high hundreds of millions of dollars to over $1 billion annually, mostly dedicated to specific purposes. Reduced criminal justice costs of tens of millions of dollars annually.\" The initiative would also make California the first state to have \"cannabis cafes\" that allow on-site marijuana consumption, similar to the ones in Amsterdam. The most r...