Global Hemp Group, Inc. (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF) is joining other leaders in the hemp industry through its anticipation of the impending Senate bill, sponsored by Majority Leader Mitch McConnell, that would remove hemp from the scheduled list of controlled substances in the U.S. and, instead, make it an agricultural commodity. “It’s now time to take the final step and make this a legal crop,” Sen. McConnell said during a press conference.
The Hemp Farming Act of 2018, if passed, would bring hemp farming into the mainstream. Time quoted Eric Steenstra, president of advocacy group Vote Hemp, as saying, “This is a huge development for the hemp industry. Sen. McConnell’s support is critical to helping us move hemp from research and pilot programs to full commercial production.”
Global Hemp Group is a Vancouver, British Columbia-based company with operations in Los Angeles and Montreal. It maintains a dual-phase growth strategy that requires acquisition and development in order to build a synergistic portfolio of companies within the hemp industry. To develop its business model, the company is pursuing joint ventures in the hemp industry, such as its ventures with Marijuana Company of America (OTC: MCOA) related to commercial hemp production on the Acadian Peninsula of New Brunswick, Canada.
In the future, Global Hemp Group intends to establish Hemp Agro-Industrial Zones (HAIZ) where it can develop industrial hemp cultivation as well as operate a variety of processing facilities that transform the hemp plant into sustainable materials that go into a myriad of finished products.
Brian Furnish, president of U.S. Hemp Roundtable, was cited by Time as saying, “The hemp industry is very grateful to Leader McConnell for his strong leadership over the years on behalf of providing Kentucky farmers — and the whole U.S. agricultural community — this exciting new economic opportunity.”