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The 2018 Farm Bill substantiates the U.S. hemp industry and the viability of hemp-derived products
Phivida Holdings Inc. (CSE:VIDA, OTCQX:PHVAF) (“Phivida”), is pleased to see the decision by the passing of the 2018 Farm Bill, which explicitly removes hemp from the purview of the Controlled Substances Act, and facilitates the commercial cultivation and production of industrial hemp in the United States. The explicit removal of hemp and hemp-derived products (including hemp-derived cannabidiol (CBD)) from the Controlled Substances Act, will assist in enabling the wider sale of hemp-derived products. Previously, the production and distribution of hemp in the U.S. had been conducted under the auspices of 2014 Farm Bill and state-level legislation in 41 states, which had provided a more limited scope of hemp production and sale.
“The passing of the 2018 Farm Bill clarifies hemp production and will bolster the growing acceptance of hemp-derived products containing CBD,” said Jim Bailey, President and CEO. “In particular, we expect it will have a positive impact on both of our Vida+ brand (www.hempvidaplus.com) and Oki lifestyle brand of beverages, tinctures and capsules (www.feeloki.com), which provide a spectrum of non-psychoactive phytocannabinoids through infusion with active hemp extract. This legislation will be helpful as we engage with major retail chains and grow to have our product on shelves in all 50 states.”
The 2018 Farm Bill also authorizes research and development funding for hemp production and includes hemp as an agricultural product eligible for support under the Critical Agricultural Materials Act. Other provisions in the bill make hemp producers eligible to participate in federal crop insurance programs.
“Consumers can expect an expansion of hemp-derived products available as a result of the R&D enabled in this legislation,” added Mr. Bailey, “For Phivida, we will be watching for opportunities to enhance our brand and product offering as we strive to become a market leader.”
ABOUT Phivida Holdings Inc.
Phivida Holdings Inc. is headquartered in Vancouver, BC with operations in San Diego, CA. Phivida is a premium functional food and beverage company focused on whole plant nutrition and natural ingredients that help best maintain overall health and balance in the human body. The company infuses active hemp extract into a variety of premium beverages and clinical products for everyday health. Phivida embraces and celebrates a return to organic, natural, plant-based foods and beverages, and a focus on holistic health and wellness. The mission is to help reduce the world’s dependence on pharmaceuticals and provide food and beverage choices that allow customers to live a balanced, healthy lifestyle. For more information, visit phivida.com
SOURCE Phivida Holdings Inc.
For further information: Website www.phivida.com, Toll free +1 (844) 744-6646 (ext. #2), Email IR@phivida.com; Jim Bailey, President and CEO, Phivida Holdings Inc., +1 (844) 744-6646; Investor Relations: Craig MacPhail, NATIONAL Capital Markets, 416-586-1938, cmacphail@national.ca; Media Relations: Amie Lauder, NATIONAL Public Relations, 416-586-1943, alauder@national.ca
Source: www.newswire.ca