Hemp now Legal Agricultural Commodity in the
U.S.
FDA Approves G.R.A.S. Status
TSX-V: HEMP
VANCOUVER, Jan. 7, 2019 /CNW/ - Hempco Food and Fiber
Inc. (the 'Company" or "Hempco") (TSX-V: HEMP) recognizes the
historic industry opportunity brought about by the signing of the
2018 U.S. Farm Bill.
The newly minted Agriculture Improvement Act of 2018, commonly
referred to as the 2018 U.S. Farm Bill, enacted December 20, 2018, and effective January 1, 2019, removes the long-held stigma and
ambiguity surrounding the U.S. hemp industry.
Changes to the U.S. Farm Bill included removing hemp from the
Controlled Substances Act, which means it is no longer an illegal
substance under federal law. Despite belonging to the same species
as cannabis, hemp has no psychoactive effects. Under the 2018 U.S.
Farm Bill, a hemp plant must contain less than 0.3% THC.
Further, the FDA announced on December
20, 2018, that it completed its evaluation of
three Generally Recognized as Safe (GRAS) notices related
to hulled hemp seeds [GRN765], hemp seed protein [GRN771] and
hemp seed oil [GRN778], and that it had no questions regarding the
conclusion that the use of such products as described in the
notices is safe.
"These announcements constitute a historic inflection point for
the hemp industry as a whole, and for Hempco as we execute upon our
recently announced 5-prong strategy for growth. 2018 was a
transformative year for us, and we are now positioned to take full
advantage of the opportunities that lay ahead," said Diane Jang, CEO of Hempco Food and Fiber
Inc.
The FDA's announcement that hulled hemp seeds, hemp seed protein
and hemp seed oil can be legally marketed in human foods without
prior food additive approval, opens the door to a greater North
American hemp-friendly market. Hempco anticipates opportunities
that deepen market penetration, create new pathways to innovation,
and unlock potential for new revenue streams for both Hempco's
premium PLANET HEMP™ brand and its animal supplement
PRAISE brand. This also aligns with the Company's whole plant
utilization strategy.
"Opening up the North American market provides a catalyst for
innovation that directly aligns with Hempco's growth strategy,"
Jang added.
About Hempco
For more than 12 years Hempco has been a trusted and respected
pioneer, innovator and provider of quality hemp-based foods, hemp
fiber and hemp nutraceuticals. Hempco produces and markets the
brands PLANET HEMP ™ and PRAISE, hemp-based foods and
nutritional supplements for people and animals. Hempco is
expanding its processing ability to meet global demands in a 56,000
sq. ft. facility located at Nisku, Alberta. Hempco's
common shares trade on the TSX Venture Exchange under the symbol
"HEMP".
The TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release includes
statements containing certain "forward-looking information" within
the meaning of applicable securities law ("forward-looking
statements"). Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements in this press release include the
Company's anticipation of further growth. These statements are only
predictions and are not guarantees of future performance;
therefore, undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause actual performance and
financial results in future periods to differ materially from any
projections of future performance or result expressed or implied by
such forward-looking statements. Various assumptions
were used in drawing the conclusions or making the projections
contained in the forward-looking statements throughout this news
release. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
The Companies are under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable
law.
On behalf of the Board of Directors,
HEMPCO FOOD AND FIBER INC.
Diane Jang
CEO
SOURCE Hempco Food and Fiber Inc.