Ananda Hemp Endorses Industrial Hemp Farming Act of 2017

Press Release August 29, 2018
  • Bill would legalize production of industrial and research hemp in the U.S.
  • Ananda Hemp, the first U.S.-licensed hemp producer, has advocated for legalization since 2013

CYNTHIANA, Ky., July 28, 2017 (GLOBE NEWSWIRE) — Ananda Hemp, a manufacturer of legal, non-psychoactive hemp extract, today announced its endorsement of the Industrial Hemp Farming Act of 2017, which was introduced by Congressman James Comer (KY-01) today in the U.S. House of Representatives.

“We applaud the introduction of the Industrial Hemp Farming Act of 2017, which will further distinguish industrial hemp as a distinct product and enable states across the U.S. to benefit from the agricultural and manufacturing growth generated by the production of hemp,” said Eric Wang, Chief Executive Officer of Ananda Hemp. “Ananda Hemp was the first U.S. company to be licensed as a hemp producer under Section 7606 of the 2014 Farm Bill, and has since worked closely with the Kentucky Department of Agriculture to produce the most compliant and rigorously tested hemp-derived products on the market. We have led the charge for legalization since 2013, and are thankful that Congressman Comer and his bipartisan colleagues have taken steps to ensure a long life for the hemp industry in the U.S.”

“Industrial hemp has the potential to be a thriving industry in Kentucky and across the U.S. Since the hemp pilot program was introduced in 2014, Ananda Hemp has grown more than 1000 acres of hemp, created numerous local jobs and brought more than $10 million in economic investment into our state,” said Brian Furnish, Director of Global Production at Ananda Hemp, former chairman of the Kentucky Hemp Commission and an eighth-generation Kentucky farmer. “Unlike many other hemp products that use non-certified genetics or untraceable sources of cannabidiol from outside the U.S., our products are grown and manufactured in Kentucky and are traceable from seed to sale. The Industrial Hemp Farming Act is a significant step toward our goal of formalizing market clarity and legalizing hemp so that fully-compliant producers like Ananda Hemp can provide high-quality products to benefit people across the U.S.”

“I’m glad to file the Industrial Hemp Farming Act of 2017 after getting a bipartisan consensus of Congressmen on board,” said Congressman Comer. “This will be my priority legislation and I look very forward to working with Brian Furnish –just as we did in Kentucky– to pass this important pro-hemp legislation.”

The U.S. is the world’s largest consumer of industrial hemp; however, American farmers are federally prohibited from growing hemp due to regulations set forth by the Controlled Substances Act (CSA). The CSA bans the production of cannabis species, which includes hemp and its cousin marijuana. While hemp and marijuana are derived from the same plant species, there are stark differences between the two.

Marijuana, which is typically grown indoors, is encouraged to become short and bushy, and to grow flowers that contain high amounts of the psychoactive cannabinoid tetrahydrocannabinol (THC). THC levels in marijuana flowers, which are harvested for recreational and medicinal use, can contain between 10 and 30 percent THC. Conversely, hemp is grown naturally outdoors to become tall and hardy plants. Hemp contains multiple nutrient rich terpenes, phytonutrients and cannabinoids, but is not psychoactive and contains less than 0.3 percent THC. The seed and stalk of hemp plants can be used for a range of products, from textiles to body care and nutritional supplements.

While the CSA is still a challenge for the cannabis industry, Section 7606 of the 2014 Farm Bill defines industrial hemp as distinct from marijuana. Section 7606 allows for specific growers and producers to grow, cultivate and commercially market hemp under an agricultural pilot program or other agricultural or academic research program. As a result, 31 states, including Kentucky, are legally allowed to grow hemp, but do so under highly restrictive conditions.

The Industrial Hemp Farming Act exempts industrial hemp from the CSA’s definition of marijuana, creates a new category for hemp research at universities and state departments of agriculture, and allows for further commercialization of industrial hemp crops.

About Ananda Hemp

Ananda Hemp manufactures legal, non-psychoactive, full-spectrum hemp extract that harnesses the benefits of cannabinoids (CBD and several others). Derived from Kentucky-grown hemp, the full spectrum of CBD and other cannabinoids in Ananda Hemp’s Spectrum 200 oil, Spectrum 600 oil and Spectrum 900 softgels allows users to experience the benefits of the entourage effect of natural plants grown outdoors.

Ananda Hemp is a fully owned subsidiary of the Australian based company Ecofibre. Learn more at https://www.anandahemp.com.

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Video March 26, 2018 Read More

Attachments

The Australian

View the press release here

Video August 29, 2018 Read More

Barry’s Lambert’s Ecofibre hemp company plans to list this year

View the press release here

Video June 7, 2018 Read More