Supervision of hemp by the Agriculture Department and removal of CBD from Controlled Substances Act opens the door to dramatic expansion of the industry
COLUMBUS, OH, Dec. 21, 2018 /CNW/ - Green Growth Brands (CSE: GGB OTCQB:GGBXF) (GGB or the Company) recognizes the monumental shift in policy brought about by President Donald Trump's signing of the 2018 Farm Bill yesterday. The Farm Bill, which is renewed approximately every four years, removes industrial hemp (defined as hemp or hemp products containing less than 0.3% tetrahydrocannabinol, or THC) from the Controlled Substances Act and, thus, the purview of the Drug Enforcement Administration. The U.S. Department of Agriculture, as well as participating states, will now supervise the cultivation and use of industrial hemp.
The Farm Bill's passage comes at a time when Green Growth Brands is set to market and sell hemp-derived CBD personal care products under its Seventh Sense brand. The Company's goal is to become North America's leading retailer of cannabis and CBD products.
"The new bill is a significant step in America's acceptance of CBD and the benefits it can provide consumers," said Peter Horvath, CEO of Green Growth Brands. "This development dramatically accelerates our ability to grow our North American retail network. This piece of legislation provides clarity on how we can build out our operations and logistics, reassures those investing with us in this new, exciting industry and gets us closer to the ultimate goal of giving customers high quality CBD-infused personal care products at affordable prices."
Seventh Sense CBD-infused botanical therapy products include muscle balm, lotion, body wash, and foot cream. Designed to renew, restore and reawaken the mind, body and spirit, the collection can be viewed at www.shopseventhsense.com.
About Green Growth Brands Green Growth brands expects to dominate the cannabis and CBD market with a portfolio of emotion-driven brands that people love. Led by Peter Horvath, the GGB team is full of retail and consumer packaged goods experts with decades of experience building successful brands. Join the movement at GreenGrowthBrands.com.
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend", "forecast" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United States, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those factors described under the heading "Risks Factors" in the Company's Annual Information Form dated November 26, 2018 which is available on the Company's issuer profile on SEDAR.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
SOURCE Green Growth Brands
For further information: For investor relations inquiries, please contact: Julia Fulton, Investor & Public Relations, (614) 505-9880, [email protected] or Eric Wright, (416) 640-2963, [email protected] or Peter Horvath, (614) 508-4222; For media enquiries or interviews, please contact: Wynn Theriault, Thirty Dash Communications, (416) 710-3370, [email protected]