via NetworkWire — MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB:MCOA), an innovative hemp and cannabis corporation, is extremely optimistic about the Company’s current and future endeavors with the recent passing of the 2018 Farm Bill on December 20 after an 87 to 13 majority vote in the Senate and a 369 to 47 majority vote in the House and final approval by President Trump.
The beginning of 2019 boasts an expectational opportunity for the hemp industry generally. The industrial hemp plant and its extracts, including Cannabidiol (CBD), containing less than 0.3 percent of THC, will be removed from its shadowy label as a Schedule 1 Drug and will be made a legal commodity to cultivate and distribute throughout the United States, subject to farmers’ compliance with provisions of the Farm Bill, associated federal regulations, associated state regulations and licensing.
According to the Brightfield Group’s Hemp CBD Report of 2018, “With the passing of the 2018 Farm Bill … the market is expected to grow exponentially, outpacing the rest of the cannabis market combined to reach $22 billion by 2022.”
The Company owns and operates a vertically integrated portfolio powered by its Industrial CBD hemp farm in Scio, Oregon, and the manufacturing and distribution of Industrial hemp derived CBD products via its wholly owned subsidiary hempSMART(TM). The passing of the 2018 Farm Bill will allow MCOA to rapidly scale its acreage of high yielding Industrial CBD hemp and increase its market share involving the sale of its CBD based product formulations.
Certain roadblocks currently facing our industry are expected to hopefully be removed soon, such as our access to federal insured banking systems, merchant processing, insurance, ability to register intellectual property. One of the most significant benefits is that this new bill will help to lower federal income tax as Section 280E of the Internal Revenue Code will no longer apply to the sale of CBD. All of these developments will help to significantly open the Company’s distribution networks and materially enhance the Company’s financial performance.
Donald Steinberg, Chief Executive Officer of the Company, stated, “MCOA and our subsidiaries are anxious to take full advantage of opportunities that passage of the Farm Bill provides to the Company. 2019 will be a year of international expansion for our hempSMART product line. We believe the new Farm Bill may also establish a precedence for other countries worldwide to adopt similar laws, which will allow us the opportunity to expand more internationally.”
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART(TM)”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
About Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA’s jurisdiction.
Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-12G, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
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