Business
Marijuana Company of America Poised for Significant Growth With Passage of Farm Bill
Marijuana Company of America Poised for Significant Growth With Passage of Farm Bill.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\nESCONDIDO, Calif., Dec. 21, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp and cannabis corporation, is extremely optimistic about the Company’s current and future endeavors with the recent passing of the 2018 Farm Bill on December 20 after an 87 to 13 majority vote in the Senate and a 369 to 47 majority vote in the House and final approval by President Trump.\n The beginning of 2019 boasts an expectational opportunity for the hemp industry generally. The industrial hemp plant and its extracts, including Cannabidiol (CBD), containing less than 0.3 percent of THC, will be removed from its shadowy label as a Schedule 1 Drug and will be made a legal commodity to cultivate and distribute throughout the United States, subject to farmers’ compliance with provisions of the Farm Bill, associated federal regulations, associated state regulations and licensing. According to the Brightfield Group’s Hemp CBD Report of 2018, “With the passing of the 2018 Farm Bill … the market is expected to grow exponentially, outpacing the rest of the cannabis market combined to reach $22 billion by 2022.” The Company owns and operates a vertically integrated portfolio powered by its Industrial CBD hemp farm in Scio, Oregon, and the manufacturing and distribution of Industrial hemp derived CBD products via its wholly owned subsidiary hempSMART™. The passing of the 2018 Farm Bill will allow MCOA to rapidly scale its acreage of high yielding Industrial CBD hemp and increase its market share involving the sale of its CBD based product formulations. Certain roadblocks currently facing our industry are expected to hopefully be removed soon, such as our access to federal insured banking systems, merchant processing, insurance, ability to register intellectual property. One of the most significant benefits is that this new bill will help to lower federal income tax as Section 280E of the Internal Revenue Code will no longer apply to the sale of CBD. All of these developments will help to significantly open the Company’s distribution networks and materially enhance the Company’s financial performance. Donald Steinberg, Chief Executive Officer of the Company, stated, “MCOA and our subsi...