Business
Legal Texas Hemp Production Draws Closer, Giving Boost to Neutra’s Vertical Integration Efforts
Legal Texas Hemp Production Draws Closer, Giving Boost to Neutra’s Vertical Integration Efforts.
About this update from Neutra Corp.
[{"type":"text","content":"\n SUGAR LAND, TX, Jan. 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- With the Texas Department of Agriculture’s (TDA) administrative rules regarding hemp production now in the public comment stage, Neutra Corp. (NTRR) believes it is nearer to its goal of becoming a vertically integrated company. Should these rules be adopted, as expected, the TDA would still need approval from the U.S. Department of Agriculture (USDA) to begin issuing licenses to grow hemp in the Lone Star state. TDA hopes to begin processing license applications in the first half of 2020. With a license, Neutra could grow its own hemp to produce CBD products, manufacture such items and distribute them all under one roof without having to rely on any outside sources. “This is a big development,” said Neutra CEO Sydney Jim. “Texas is a large market for hemp-based CBD consumables. Being able to grow hemp ourselves in the state is not only convenient and cost efficient, it works well logistically with our potential Florida facility now under consideration. Combined, they’d give us a solid presence in the southern U.S. and give our vertical integration efforts a strong push.” Texas Agricultural Commissioner Sid Miller has consistently been a big supporter of hemp production in Texas. The CBD marketplace has been exploding as consumers discover the many health benefits of hemp-based oils, lotions and supplements. Some market analysts expect CBD product sales to reach an estimated $16 billion by 2026, up from just a little over $1 billion in 2018. CBD users report feeling relief from anxiety and pain as well as gaining benefits related to epilepsy, skin disorders and even cancer.   Baby Boomers are a fast-growing CBD market segment as they seek to replace expensive prescription drugs and over-the-counter medications with more reasonably priced alternatives.   NOTICE REGARDING FORWARD LOOKING STATEMENT  Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar ...