Hemp Inc (OTCMKTS:HEMP) CEO Bruce Perlowin stated that industrial hemp has no recreational uses. It only has industrial and medical applications. People can’t get high on use of hemp. If there comes any federal pushback opposing recreational marijuana, this would not impact industrial hemp or the company’s performance.
For the previous six days, Hemp has posted on a series of states on track to approve industrial hemp, Arizona, South Dakota, Wisconsin, New Mexico, Alaska, Illinois. Nebraska has been now included in that list today with anticipation of supporting R&D of industrial hemp for application in alternative fuels, agribusiness and prospects in other segments. With the succession of more and more states approving or on course for legalizing industrial hemp, this market in America is rapidly touching a tipping point.
Here it is important to consider what are the factors that are making industrial hemp vital to Americans and so significant to states that they are prepared to simply discount a federal prohibition now? As the uninformed turns on informed on the variation between marijuana and hemp and the fog of ignorance disperses, a miracle crop is seen in clear sight as means to assist the economy and expand means of revenue are sought.
Last week, legislative bill 617 was known in the Nebraska Agriculture Committee. Released by Senator Justin Wayne, LB617 would result in the Industrial Hemp Commission, which would oversee a 5-year research assignment performed with the University of Nebraska. This would include the planting, cultivation, analysis and seed research. Sen. Wayne reported that they have expert scientists, industrialists, farmers and centuries of history to validate that hemp is safe and it can be utilized to earn funds for Nebraskans.
There was extreme support for approving industrial hemp in Nebraska. Nebraska farmers are assessing alternative crops that can endure the hotter, drier climate foretold by a 2014 UNL reading on the consequences of climate change for Nebraska.