Las Vegas, NV, April 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Hemp, Inc. (OTC PINK: HEMP) a global leader in the industrial hemp industry with bi-coastal processing centers, including the largest multipurpose industrial hemp processing facility in the western hemisphere, announced today that it was included in coverage by one of the world’s largest medical marijuana resources, Marijuana Break, in an article entitled, “Cannabis Businesses During the Coronavirus.”
The article posits that while the world is currently being gripped by the COVID-19 pandemic and economies are struggling, the cannabis and hemp-derived CBD sectors have managed to remain virtually recession-proof. The article explains that many U.S. States and Canada have deemed that dispensaries and licensed producers may stay open as “essential businesses.” It also mentions that other sectors including hemp production, the supply chain, and ancillary businesses are resilient in the face of COVID-19 related obstacles.
Bruce Perlowin, CEO of Hemp, Inc., contributed commentary to the article. Perlowin noted that stocks for most industries and commodities have taken a hit amidst the pandemic, adding that it is something we all have to be understanding of and wise about. He then added that he is meeting these circumstances with optimism, citing the fact that, “Cannabis retailers have been deemed as ‘essential businesses’ to remain operational as we all quarantine, the long lines these ‘essential businesses’ incur and the huge spike in the purchases of THC and hemp-derived CBD products are all a testament to how critically important the industry is to health and wellness. In terms of life after this pandemic, it is likely that the post-virus recovery will be a green one, rooted here at home. This makes for a great opportunity for US hemp farmers and the hemp industry to come together and support rehabilitating our economy and country.”
The 2018 Farm Bill federally legalized hemp and the crop was removed from the definition of “marijuana” under the federal Controlled Substances Act. Although it is still heavily regulated, qualified hemp businesses would be entitled to stimulus relief as businesses in most other industries.
“During this COVID-19 outbreak, the hemp industry must stay optimistic and focused on maintaining steady growth and momentum for our industry. We are essential and should continue to lean into that,” said Perlowin. “The current demand for CBD as well as the growth in demand for industrial hemp means that our industry has the opportunity to leverage this, thrive, and lead.”
According to a June 2019 market research report published by MarketsandMarkets™, the industrial hemp market is projected to grow from $4.6 billion in 2019 to $26.6 billion by 2025, recording a compound annual growth rate of 34.0% during the forecast period.
To see 1-minute videos of Hemp, Inc.’s current activities, go to Bruce Perlowin’s personal Facebook page where he posts daily on all of Hemp, Inc.’s activities around the country.