hemp Archives - Green Market Report

Sean HockingSean HockingApril 15, 2019
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6min960

Last February, the Idaho State police pulled over a truck carrying 6,701 pounds of hemp and promptly seized it, allegedly claiming it was marijuana. Now the cultivators of that hemp, Big Sky Scientific, are suing the police, the county, and an attorney. If you’ve been following hemp news recently, then you have probably seen a few of these stories surfacing. Cops across the country seem to be mistaking legal industrial hemp with illegal marijuana (at least in some states like Idaho)..

So what gives? Here’s why cops may keep confusing hemp for marijuana, and how to tell the difference.

The similarities

Before we can talk about why hemp and marijuana are different, let’s talk about how the two plants are similar. Both hemp and marijuana are members of the genus Cannabis. There are three distinct species of Cannabis: Sativa, Indica, and Ruderalis. What we refer to as marijuana belongs in both the Sativa and Indica family. Hemp, on the other hand, is solely a member of the Sativa species.

Both hemp and marijuana have similar smells, and to the untrained eye look very similar. This is especially true if you look at a side-by-side comparison of hemp and marijuana flower.

Here’s a picture of hemp flower:

Image credit: picture alliance | Getty Images

And here’s a picture of marijuana flower:

Image credit: rocksunderwater | Getty Images

The differences

To the untrained eye, hemp and marijuana can look similar, but there are some key differences. Hemp leaves look skinny while marijuana leaves often have a much broader appearance. Additionally, marijuana plants often look like a short bush while hemp plants look tall and skinny with most of the leaves growing at the top. That is not to say that marijuana plants can’t reach tall heights, but even the biggest plant will still have that bushy appearance.

To help give you a better visual, here’s a graphic showing the differences, courtesy of the Ministry of Hemp:

 

 

However, the most significant difference between hemp and marijuana is their chemical composition. Hemp plants contain a variable amount of the compounds CBD and typically less than 1 percent THC. The legal definition of hemp is that it must contain 0.3 percent THC or less, but some hemp plants will go over that percentage. Marijuana, on the other hand, typically contains 5 percent THC or more.

A business opportunity

One reason why cops keep confusing hemp for marijuana comes down to education and training. Ever since the passage of the Marijuana Tax Act in 1937, hemp and marijuana have legally been considered the same substance. Consequently, law enforcement has never taken the time to learn how to distinguish the two plants; and why would they? If both hemp and marijuana are considered the same plant under the law, why bother learning the difference?

Even though the 2018 Farm Bill changed that legal definition, law enforcement has yet to change with it. Not only are police officers often unable to tell the difference between hemp and marijuana, but the equipment they use to determine marijuana is antiquated. Most roadside marijuana detection kits are designed to detect the mere presence of THC but not the concentration.

At the moment, there is no way for law enforcement to tell the difference between legal hemp and marijuana, but that may soon change. Earlier this year, the Drug Enforcement Agency (DEA) issued a notice that they are seeking companies that can provide test kits capable of telling the difference between hemp and marijuana. With any luck, an enterprising entrepreneur will come up with a device that allows the DEA to quickly resolve the issue and put to rest the long history confusing hemp for marijuana.

https://www.greenentrepreneur.com/article/332063


Caroline CahillCaroline CahillApril 5, 2019
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5min2980

The CBD industry has been moving full steam ahead in 2019, bolstered by the 2018 Farm Bill and advancements on the federal level to ensure cannabis banking services, but that progress hasn’t been enough for some financial services institutions to continue working with the industry.

On March 14, 2019, Elavon, a payment processing subsidiary of U.S. Bank, notified its hemp and CBD clients that it had recategorized hemp and cannabidiol-based merchants as a prohibited business type and that accounts for such merchants would be closed within 45 days.  

“After several months supporting this merchant segment, it has become clear that the pace of an evolving Federal and State regulatory framework makes it extremely difficult to validate the qualifications required to operate within this industry,” said Elavon in an email to its hemp and CBD clients.

As an Elavon partner, FINCANN, a cannabis banking financial network, received Elavon’s notice and began sourcing solutions for its clients at once.

“We immediately reviewed remaining available options and within 24 hours had viable USA-based excellent alternatives available,” said Nathaniel Gurien, founder and CEO of FINCANN. “Since Elavon is not terminating their existing portfolio of CBD merchants until May 15, some merchants opted to immediately apply to one of our alternatives, others decided to wait and see until at least mid-April.”

Elavon isn’t the only merchant services provider rethinking its hemp and CBD clients. On March 19, Cannovia, a maker of CBD-infused products, was notified by Stripe that its account would be terminated. Having just launched its online storefront on March 14, Cannovia attempted to appeal Stripe’s decision but was denied.

“Prior to the notification of the merchant services cancellation, we were not fully aware of the limitations of the banking industry to support the needs of the CBD industry,” said Brian Baum, the CEO of Cannovia.

With both Stripe and Elavon out of the picture, Cannovia soon learned that finding a merchant services provider on its own wouldn’t be easy.

According to Baum, “What became clear was that the options were limited and any banks willing to consider supporting the industry were beginning to utilize the services of intermediaries such as FINCANN to assist them in managing the sheer volume of entities looking for merchant services solutions.”

Linking up with FINCANN to secure a new merchant services provider allowed Cannovia to remain operational and avoid any major interruptions.

Meanwhile, both financial institutions and industry stakeholders continue to keep an eye on the SAFE Banking Act, which would provide certain protections for depository institutions that work with cannabis-related businesses as well as the businesses themselves. The House Committee on Financial Services is currently drafting a report on the act to present to the House of Representatives. If the full House approves the bill, the Senate will vote on it.   

“If the SAFE Banking Act overcomes its estimated 40% likelihood of passing the Senate, it will only encourage banks currently contemplating ‘dipping their feet into the water’ to ‘take the plunge,’” Gurien said. Once financial institutions take the plunge, legal cannabis-related businesses will be able to bank just like any other legal business.

 


Sean HockingSean HockingApril 4, 2019
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4min1240

The letters were sent to the U.S. Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration, the Federal Reserve System and the Office of the Comptroller of the Currency.

“Hemp farmers and businesses should be treated just like any other agricultural businesses and not discriminated against,”

The letters read as follows:

Dear Farm Credit Administration Board of Directors:

We write today to ask the Farm Credit Administration to provide guidance to your member institutions to ease any concerns they may have with providing financial services to legal hemp farmers and businesses. Legal hemp businesses should be treated like any other agricultural businesses and not discriminated against. We believe clarification from the FCA on this front would help ensure this legal industry can compete on a level playing field.

The Agricultural Improvement Act of 2018 (2018 Farm Bill) was signed into law by President Trump on December 20, 2018. It contained provisions from legislation we authored – The Hemp Farming Act of 2018 – to remove hemp and its derivatives from the federal list of controlled substances, to affirm hemp as a legal agricultural commodity, and to authorize production, consumption, and sale of hemp and hemp-derived products in the United States. Kentucky and Oregon have been on the forefront of hemp production ever since the authorization of industrial hemp pilot programs under the 2014 Farm Bill. Hemp farmers and producers in our states and across the country are excited to explore the full economic opportunities for hemp after the passage of the 2018 farm Bill. Unfortunately, the hemp industry continues to face challenges with regulatory uncertainty as federal agencies work to implement this significant change in federal law.

One challenge facing the industry is the inability to access capital and traditional lending services through financial institutions. We have consistently heard from lawful hemp producers about the lack of access to financial products. Specifically, we continue to hear from hemp producers who are interested in accessing credit through the Farm Credit System and their difficulties in securing financing and credit products to start, expand or operate their businesses. Although hemp is no longer a controlled substance, financial institutions still seem hesitant to engage with this industry, and confusion remains regarding the availability of credit options for hemp farmers and processors.

Thank you for your prompt attention to this important matter and we look forward to your response.

 

Here are the four letters.

McConnell-Wyden Letter to FCA re Hemp Banking 4.2.2019

 

 

McConnell-Wyden Letter to OCC re Hemp Banking 4.2.2019

 

 

McConnell-Wyden Letter to FDIC re Hemp Banking 4.2.2019

 

 

McConnell-Wyden Letter to Fed re Hemp Banking 4.2.2019


StaffStaffMarch 21, 2019
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4min6890

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC)  has acquired American hemp company AgriNextUSA in a cash deal for an undisclosed amount.  The company did note that purchase was not material to its current cash position and that the transaction would speed up Canopy Growth’s entry into key markets in the United States.

AgriNext is a hemp enterprise led by CEO Geoff Whaling, that has been at the forefront of hemp advocacy and building a vibrant hemp sector in the USA.

The United States is the next stop on Canopy Growth’s desired path to becoming a leading, revenue-generating company focused on all aspects of cannabinoids and their potential,” said Bruce Linton, co-CEO and Chairman of Canopy Growth. “Our significant investments, acquisitions, and compilation of talented leaders such as Geoff will position us for swift expansion throughout the United States. By collaborating with a pioneer like Geoff, who has been involved with our team since our earliest days in 2013, we will aim to turn hemp supplied by American farmers into a wide range of products.”

Canopy Growth had previously announced that it was on track to build the first Hemp Industrial Park in the Southern Tier of New York State, after receiving a state license to produce and process hemp. At that time, the company said that it had committed to invest $100M to $150M into a hemp operation that would lead to significant job creation and positive local economic impacts, as well as the produce CBD products for Canopy.

The vision proposed by AgriNextUSA and supported by Canopy Growth would involve creating Hemp Industrial Parks such as the one planned in New York State, where this super crop could be fast-tracked through a production cycle that would result in commercial applications for all parts of the plant, from root to tip. Camopy said in its statement that American farmers will benefit from a model that provides a single, regional destination for their hemp crops and connects them with the researchers, entrepreneurs, and innovators whose ideas will turn their crops into new products and industries.

“Hemp has the potential to become a multibillion-dollar industry that will boost the American economy for generations to come,” said Geoff Whaling, CEO of AgriNextUSA, Chairman of the National Hemp Association and newly appointed Strategic Advisor, Hemp and CBD, Canopy Growth USA. “By working with Canopy Growth, we will turn our vision into a reality, one that helps American farmers, small and medium-sized business owners, and the next cohort of innovators who see the extraordinary potential that hemp has to offer.”

Some industry insiders believe that hemp will be an even bigger market than adult use or medical marijuana. They believe hemp has the potential to disrupt several prominent industries like advanced materials, cosmetics, energy, fiber and textiles, food and protein production and the health and wellness sectors. Hemp is also a natural source of CBD, the non-intoxicating component of cannabis that can be used for health and wellness purposes in jurisdictions where legally permitted.

 


Debra BorchardtDebra BorchardtFebruary 25, 2019
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5min3170

SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF)  is forming a new international hemp-focused subsidiary, Heavenly Rx Ltd. Its initial focus will be on hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products including oils, tinctures, balms, and vape-ready products. The company said it plans on holding a controlling ownership interest in various industry-leading assets in the hemp/CBD and THC-free cannabinoid wellness space.

One of the first strategic assets will be its investment in Knoxville, Tennessee-based Blühen Botanicals LLC. Heavenly Rx is investing $30.6 million in Blühen, which will allow Blühen to expand its research and engineering teams as well as focus on the development and expansion of its retail operations. According to the statement, Blühen is an industry leading and technologically advanced hemp biomass processing and extraction company that will be GMP and EUGMP certified with farming and distribution partners across the southeastern United States.

Blühen also produces its own proprietary blend of wellness boutique products such as full spectrum hemp extract tinctures, capsules, creams, 100% THC-free hemp isolate, pet treats, pet care products, and oils. Blühen employs expert entomologists, plant pathologists, agronomists, chemists, and engineers on the 30-person team. Blühen intends to open its flagship retail location in Knoxville, Tennessee in May 2019 and plans to open a second retail location in Fort Lauderdale, Florida later this year.

“Heavenly Rx directly supports SOL Global’s continued hemp and CBD strategy in the U.S. and international markets and will serve as a critical launch pad for our hemp-related investment initiatives as hemp and related cannabinoid regulations continue to become more liberalized around the world,” said Brady Cobb, CEO of SOL Global. “SOL Global’s executive team has been at the very forefront of regulatory reform both in the United States and internationally, and we couldn’t be more excited to continue to build upon and execute our already robust long-term strategy for the global hemp/CBD industry.”

Additionally, Heavenly Rx intends to include several proprietary brands across numerous consumer product group verticals such as cosmetics and beauty products, bath and body products, infused foods (subject to governmental approvals and/or compliance) and a number of pet-related products.

“We are launching Heavenly Rx with the aim of acquiring a portfolio of battle-tested and proven hemp/CBD companies while also acquiring certain unique brands for which we believe CBD and hemp-infused products could drastically change their growth,” added SOL’s chief investment officer Andy DeFrancesco. “We are more bullish than ever about the future of the hemp and CBD industries globally, and Heavenly Rx will without a doubt be the vertically integrated leader in the space.”

Terms 

The binding terms of the LOI are as follows:

  • Heavenly Rx will acquire 50.1% of the membership interests of Blühen.
  • The Board of Directors of Blühen will consist of seven (7) individuals, three (3) of which will be nominated by Heavenly Rx, three (3) of which will be nominated by Blühen, and one (1) of which shall be an independent director to be mutually agreed upon.
  • Joe Fox, co-founder, and CEO of Blühen Botanicals, will become a member of the executive team of Heavenly Rx.

“Heavenly Rx’s investment enables us to exponentially scale our existing high-throughput capabilities while maintaining our commitment to providing the highest quality, pharmaceutical grade products on the market,” added Fox. “We have the largest network of expert farmers in the state of Tennessee who are growing hemp organically, and now, we’re empowered to scale our existing facilities faster, expand our farming network wider, and implement the highest international regulatory standards across the board.”


Debra BorchardtDebra BorchardtFebruary 4, 2019
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4min4881

LB Equity has raised $50 million for a portfolio titled LB Equity Emerging Growth Fund, which will be concentrating its investments in cannabis companies that are involved in beauty, health, and wellness. The company’s first investment is with the platform Standard Dose, which is dedicated to selling hemp-based CBD products as well as educating consumers on these new products. The company did not announce how much of an investment it made into Standard Dose.

The retail platform will provide content to educate consumers on the emerging CBD market, plus current industry research and information about CBD products. This information will include dosage and regulatory updates.

The market has been exploding with CBD products since the 2018 Farm Bill was passed legalizing hemp and products made from hemp-derived CBD. The problem is that not all hemp CBD is created equally and there is quite a bit of inferior product on the market. Standard Dose is starting with 37 distinct beauty and lifestyle products that it has vetted and tested.

The company’s ingestible products include vape pens, tinctures, olive oil, honey, and beverages. Consumers should be aware though that the FDA must approve of any foods containing hemp-derived CBD. In a statement issued in December, the FDA said, “Congress explicitly preserved the agency’s current authority to regulate products containing cannabis or cannabis-derived compounds under the Federal Food, Drug, and Cosmetic Act (FD&C Act) and section 351 of the Public Health Service Act.” The FDA went on to add, “The FDA requires a cannabis product (hemp-derived or otherwise) that is marketed with a claim of therapeutic benefit, or with any other disease claim, to be approved by the FDA for its intended use before it may be introduced into interstate commerce.”

“Our goal at Standard Dose is to facilitate an honest conversation about CBD and to help consumers gain clarity of an industry that, until now, has been confusing and unregulated,” said Anthony Saniger, Founder and CEO of Standard Dose. “We take the time to vet all of our products and share information so that consumers can choose CBD products with confidence. With the very recent legalization of CBD, we know that interest in the industry and its products will skyrocket.”

LB Equity is led by Jay Lucas, a former partner at Bain & Company, Karen Ballou, a highly experienced beauty industry professional (Redken and Elizabeth Arden) and Jim Morrison, who served as President of L’Oreal U.S. for nearly 10 years. The extended team consists of strategy and investment professionals along with an advisory group of veteran industry executives across core value creation disciplines.  Prior to Standard Dose and the latest Fund, LBE has completed investments in ten additional beauty and personal care brands, including MD Complete, Marula Pure Oil, Immunocologie and Blamtastic among others.

“LBE is targeting the massive opportunity available at the intersection of the rapidly growing cannabis industry and the many emerging brands within the skincare, beauty and related personal care sectors,” said Jay Lucas, Managing Partner of LB Equity. “With experienced executives from both the finance and beauty industries, LBE is perfectly positioned to leverage the transformational impact that these newly legalized cannabis-based products will have on the beauty industry.”


Debra BorchardtDebra BorchardtDecember 24, 2018

5min7060
President Trump signed the 2018 Farm Bill last week that included provisions that eliminate several federal barriers to the cultivation, production, and commercial development of hemp and hemp products. It also eliminated hemp from Schedule I of the Controlled Substances Act. “Hemp” is now defined as “the plant Cannabis sativa L. and any part of that plant, including the seeds thereof and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a delta-9 tetrahydrocannabinol [THC] concentration of not more than 0.3 percent on a dry weight basis.”
The Food and Drug Administration (FDA) issued a statement by Commissioner Dr. Scott Gottlieb on the agency’s regulation of products containing “cannabis and cannabis-derived compounds,” in which the Commissioner acknowledged there are “pathways” for FDA to consider “circumstances in which certain cannabis-derived compounds might be permitted in a food or dietary supplement.”
Many people immediately assumed that with the signing of the bill, hemp-derived CBD and products made with hemp-CBD would be legal. The FDA has the authority to regulate products containing cannabis or cannabis-derived compounds, and declared that such ingredients – clearly including hemp and hemp derivatives, such as cannabidiol (CBD) – are treated “as we do any other FDA-regulated products.”
Gottlieb restated FDA’s concerns over “drug claims being made about products not approved by the FDA that claim to contain CBD or other cannabis-derived compounds,” as well as the agency’s position that under the Food, Drug, and Cosmetic Act (FD&C Act) it is “unlawful … to introduce food containing added CBD or THC into interstate commerce, or to market CBD or THC products as, or in, dietary supplements, regardless of whether the substances are hemp-derived.”
Dr. Gottlieb also emphasized that FDA “has authority to issue a regulation” that would allow these naturally-occurring hemp compounds in a food or dietary supplement. He also stated that FDA is now evaluating whether to pursue such a process and clarified that the agency “would only consider doing so” if it determines “that all other requirements in the FD&C Act are met, including those required for food additives or new dietary ingredients.”
“The food and supplement industry should read Dr. Gottlieb’s statement first and foremost as an indication that FDA shares our desire for hemp and CBD products to be properly regulated under federal law, and now recognizes its statutory authority to address the agency’s view of the prior-drug status of some Cannabis compounds through rulemaking,” noted American Herbal Products Association (AHPA) PresidentMichael McGuffin. “The relevance of this authority was first seen by AHPA’s Cannabis Committee over two years ago, and AHPA identified this publicly in May of this year as an approach that FDA should be encouraged to consider.”
“At the same time, the Commissioner’s emphasis on the legal requirements that must be met for food additives or new dietary ingredients (NDIs) is a clear signal of FDA’s thinking, and we should not be surprised if any forthcoming FDA action focuses on compliance with the law’s provisions for NDI notifications for supplement ingredients, and for hemp ingredients used in foods to meet the provisions to establish these as generally recognized as safe (GRAS) under the law,” added McGuffin.
Commissioner Gottlieb’s statement also announced that FDA intends to convene a public meeting in the near future to discuss products that contain hemp-derived ingredients, including food and supplement products.
“AHPA has been engaged in issues related to the safe use and responsible commerce of lawfully marketed products derived from Cannabis since 2010 and we will continue to actively participate in any and all relevant FDA meetings and rulemaking activities,” noted Jane Wilson, AHPA’s Director of Program Development and liaison to the AHPA Cannabis Committee.

Debra BorchardtDebra BorchardtDecember 20, 2018
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5min10140

The 2018 Farm Bill, passed by Congress on December 12, 2018, and signed into law by the President on December 20, 2018, includes Section 10113 titled “Hemp Production,” which removes hemp from the Controlled Substances Act, places full federal regulatory authority of hemp with USDA, and allows State departments of agriculture to file hemp programs plans and regulate hemp cultivation per their State-specific programs.

“This bill constitutes a momentous victory for the movement in support of hemp farming, and will have far-reaching positive impacts on rural economies and farming communities, increase availability of sustainable products for American consumers, and create new businesses and jobs in the hemp industry,” said Eric Steenstra, President of Vote Hemp. “Now that we have lifted federal prohibition on hemp farming, it’s time to invest our energy in expanding hemp cultivation and the market for hemp products across the country so that all can reap the benefits of this of this versatile, historic American crop.”

Vote Hemp went on to say that in addition to defining hemp as cannabis that contains no more than 0.3% THC by dry weight, the bill asserts a ‘whole plant’ definition of hemp, including plant extracts; and removes roadblocks to the rapidly growing hemp industry in the U.S., notably by authorizing and encouraging access to federal research funding for hemp, and removing restrictions on banking, water rights, and other regulatory roadblocks the hemp industry currently faces. The bill also explicitly authorizes crop insurance for hemp. The full text of the hemp provisions in the Farm Bill of 2018 may be found at:  https://www.votehemp.com/2018farmbill.

Section 10113 “Hemp Production,” expands federally legal commercial hemp cultivation to tribal lands, reservations and U.S. territories—lands that had previously been omitted in Sec. 7606 of the 2014 Farm Bill, which allowed only for hemp farming programs in ‘States.’

“For too long, the outrageous and outdated ban on growing hemp has hamstrung farmers in Oregon and across the country,” Senator Ron Wyden said. “Hemp products are made in America, sold in America, and consumed in America. Now, hemp will be able to be legally grown in America, to the economic benefit of consumers and farmers in Oregon and nationwide.”

David Bronner, Cosmic Engagement Officer (CEO) of Dr. Bronner’s, soaps in North America that use hemp seed oil in its products said, “Dr. Bronner’s has advocated for the legalization of hemp farming since we added hemp seed oil to our products in 1999, and fought and beat the DEA during the Hemp Food Rules Challenge from 2001 to 2004. As a maker of hemp products, we are eager to source the 20 tons of hemp seed oil we use annually from American farmers.

“We see passage of this Farm Bill as a critical step in the development of the hemp industry. Now American farmers will have the opportunity to participate in a high value crop with a growing market opportunity, and consumers will have better access to hemp-based products,” said Dixie Brands CEO Chuck Smith. “It will also dramatically improve supply chain access for companies such as Dixie Brands, which has already developed a diversified and revenue-producing portfolio of CBD-based products under our Therabis and Aceso brands. As such, we applaud this development as a win for multiple groups and look forward to further advancing Dixie’s growth initiatives in this now legalized space.”


Debra BorchardtDebra BorchardtDecember 17, 2018
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3min5200

Tilray, Inc. (NASDAQ: TLRY  )  has signed a binding letter of intent (LOI) to purchase hemp-derived CBD isolate from LiveWell Canada Inc. (CSE: LVWL), which will be sourced from the United States and Canada.  Hemp CBD is estimated to be a $22 billion market in the U.S. The product will be used for distribution of Tilray-owned wellness and medical products across North America.

LiveWell will supply Tilray with a minimum of 150 kilograms per month of wholesale CBD isolate cultivated and processed from hemp commencing in February 2019, through to July 2019. The amount then increases to a minimum of 300 kg/month for the remainder of the contract, until December 2019. Tilray has the option to increase the amount of CBD supply purchased to 500 kg/month, and there is an additional 12-month renewable option.

“Today’s announcement puts Tilray in a strong position to expand the availability of our products in existing and new potential markets,” says Brendan Kennedy, Tilray CEO. “We’re pleased about the opportunity to increase our capacity to supply high-demand CBD products in Canada.”

The recently passed 2018 Farm Bill in the U.S. presents an opportunity to enter the hemp-derived CBD industry and capitalize on it. The bill needs to be signed by President Trump, which is expected to happen this week before lawmakers leave for the holidays.

“We are pleased to have a strong partner such as Tilray in this emerging market,” said David Rendimonti, President and CEO of LiveWell Canada. “With the legal barriers lifting, we believe the market for hemp CBD could exceed all forecasts because of the huge shift to self-directed care and wellness among consumers.”

Regulations in Canada allow for the use of hemp as a source of CBD, as long as the product satisfies certain quality requirements. These new rules will allow for wholly-owned Tilray Inc. subsidiaries, Tilray Canada Ltd. and High Park Farms Ltd. to potentially utilize hemp-derived CBD to increase the supply of CBD medical and wellness products in Canada.

LiveWell Merger

On December 3,  LiveWell signed a binding letter of agreement to merge with Vitality CBD Natural Health Products Inc., one of the largest industrial hemp cultivation and extraction operations in North America, with approximately 20,000 acres harvested in 2018. The merger will bring together the U.S. and Canadian assets to create one of the first fully integrated CBD companies with a production capacity of CBD isolate anticipated to reach 3,000 kilograms per day by mid-2019; research, product development, and GMP manufacturing facilities; international sales and distribution networks; and experienced leadership



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