Hemp, Inc. Reports: Tennessee to Pass Historic Cannabis Regulatory Legislation
LAS VEGAS, NV, May 04, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Hemp, Inc. (OTC PINK: HEMP) reports today that the landlocked, country music capital is set to pass the most significant cannabis regulatory law in its history to ensure Tennesseans feel comfortable with the safety and efficacy of hemp-derived products. House Bill 0403/Senate Bill 0378 creates critical regulations on producing, selling, and distributing products that contain hemp-derived cannabinoids in the state of Tennessee. The bill passed the full General Assembly on Tuesday and was transmitted to Gov. Bill Lee’s desk yesterday for action.
Hemp, Inc. executives believe the previous lack of this legal framework has mildly suffocated the hemp industry. With the 2nd largest hemp processing facility in North Carolina (right next door to Tennessee) and more than 14 years of experience in growing and processing hemp in North America, Hemp, Inc. has seen firsthand how both consumer safety concerns and common mistakes startup hemp farmers and manufacturers make have somewhat hindered the industry without clear regulatory requirements.
Industry veteran and Hemp, Inc.’s Chief Visionary Officer (CVO) Bruce Perlowin has been closely working with farmers in North Carolina and visiting hemp stores in Tennessee. He is a sought-after industry consultant based on his 55 years of experience in the cannabis industry helping other industry companies gain a stronger foothold in the market and expand their market reach. His consulting services through Hemp, Inc. include everything from A to Z on anything hemp.
It wasn’t until January of this year, after convening a high-level internal working group, that the Food and Drug Administration (FDA) concluded that a new regulatory pathway for CBD was needed to balance an individuals’ desire for access to CBD products with the regulatory oversight needed to manage the risks. (Source) And it looks like Tennessee has taken the bull by its horns with a bill comprehensive enough to create a rock-solid foundation from which the hemp industry can fully bloom for its denizens.
According to Fox13, a coalition of industry leaders (Cultivate Tennessee) helped spearhead support for HB0403/SB0378. One of the board members noted it was a “huge step forward for Tennessee in terms of helping define the industry by creating needed safety, accountability, and consumer protection guardrails.” He went on to say, “The common-sense requirements of this new bill will ensure that Tennessee residents and resellers can feel comfortable with the safety and efficacy of hemp-derived products, as well as in the responsibility of the companies that produce them. This will help tremendously with the growth of the industry…”
In order to ensure consumers are protected, the Tennessee bill requires manufacturers and sellers to obtain a license from the Department of Agriculture and for hemp-based cannabinoid products to be tested for safety and toxicity by an accredited laboratory. The bill also creates child-resistant effectiveness standards for cannabinoid products, as well as requires label warnings, disclaimers, and one-year expiration dates on all products. There are also new offenses for selling to or assisting someone under 21 to buy products with hemp-derived cannabinoids. The Department of Agriculture will enforce the new provisions and report annually to the general assembly. (Source)
To read the full bill, click here or visit the Tennessee General Assembly for the Bill Summary.
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About Hemp, Inc.
With more than 10 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Hemp, Inc.’s 85,000-square-foot facility on over 9 acres in Spring Hope, N.C. is one of the largest industrial multipurpose hemp processing facilities in North America. Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.
The Company will continue to keep its shareholders up to date on all pertinent material events, product releases, production plans, and inventory availability. Those interested in distributing on a large-scale basis should email sales@hempinc.com or call 877-436-7564 for more information. The entire product line includes tinctures, gummies, capsules, and edibles in a variety of sizes, potencies, flavors, and formulas with a future focus on healthy foods for healthy living.
Forward-Looking Statements
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. The Securities and Exchange Commission (SEC) requires issuers to provide “adequate current information”. Financials for Hemp, Inc. are listed on the OTC Exchange. More information can also be found on the Hemp, Inc. website by visiting www.hempinc.com/financial-disclosures/. The material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements involve risks and uncertainties.
Contact:
Hemp, Inc.
Investor Relations
(855) 436-7688
ir@hempinc.com
