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Isodiol International Inc. Comments on U.S. Farm Bill; Provides Update on Canadian Assets
Isodiol International Inc. Comments on U.S. Farm Bill; Provides Update on Canadian Assets.
About this update from Isodiol International Inc
[{"type":"text","content":"\nVANCOUVER, British Columbia, Dec. 24, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”) is pleased with the signing of the 2018 Farm Bill by U.S. President Trump on December 21, 2018.  The enactment was preceded by the pivotal decisions of the U.S. House of Representatives to pass the 2018 Farm Bill by a vote of 369 to 47 on December 12, 2018, and by the Senate to pass the legislation in an 87-to-13 vote on December 2, 2018.1 \n This is a very significant development for the Company, as it makes agricultural production of hemp legal in the United States by removing its designation as a drug akin to marijuana under the Controlled Substances Act.2 Senate Majority Leader Mitch McConnell, R-Ky., who sponsored the language in the Senate bill, has said legalizing hemp could give farmers a new cash crop. McConnell included language allowing hemp production for research in the 2014 farm bill, and the farm bill conference report lifts federal drug restrictions that have hampered expansion of the crop.3 The 2018 legislation also makes hemp farmers eligible for federally subsidized crop insurance. “The Company is very pleased with the decisions of Congress and President Trump,” said CEO of Isodiol, Marcos Agramont.  “The Company has long invested resources in the United States in anticipation of the legalization of hemp, and now we believe these investments are now being validated. We remain committed to continuing the development of hemp-derived CBD for the benefit of individuals worldwide.” The Company also wishes to announce the divesting of its Canadian assets.  The Company has sold its interest in Canadian National Pharma Group Inc. in exchange for a return of capital investment of CAD$900,000, which will be paid in installments over the next nine months. Over the course of this transaction, no stock was issued to CN Pharma.  The divestiture marks a strategy shift whereby the company intends to make its products available in Canada through manufacturing and distribution partnerships with existing Licensed Producers in multiple jurisdictions, rather than through a captive Licensed Dealer in British Columbia.  “As laws affecting hemp, cannabis, and the commercialization of ingredie...