Legalization of Industrial Hemp Positions NutraFuels for Market Expansion
Coconut Creek, Florida--(Newsfile Corp. - December 21, 2018) - NTFU (OTCQB: NTFU) applauds the passage of the 2018 Farm Bill allowing federally insured banks to legally work with merchants for product processing as well as the removal of barriers for research and industrial hemp production.
"The hemp industry has been challenged over the years because of banking restrictions. It has caused challenges from the standpoint of merchant product processing for hemp-derived CBD products. It also caused headwinds with respect to many aspects of the companies operating in the hemp public markets," said Edgar Ward, CEO and Founder of NutraFuels.
Brightfield Group estimates the worth of the hemp CBD market to be $22 Billion by 2022, outpacing the rest of the cannabis market combined. "We've been planning and preparing for an increase in CBD product demand in anticipation of the passage of the 2018 Farm Bill," added Ward.
The updated language from the Farm Bill defines hemp in a way that removes it from the Controlled Substances Act. Going forward, hemp will be classified as an agricultural commodity under federal law. Farmers will now benefit from the removal of barriers to obtaining crop insurance. Shareholders and manufacturers will see the removal of restrictions on importing and exporting hemp which contributes to the projected boost of growth for the hemp industry.
"The lack of legal clarification and the longtime stigma around hemp has dampened the business opportunity and created concern for the investment community," said Ward. "The new law provides clarity and the legal parameters to enable companies like NutraFuels to capitalize on a more efficient operating environment and market expansion."
NutraFuels is a fully reporting company with a class of securities registered with the SEC. The Company's filings can be viewed at www.sec.gov. NTFU's CBD products and information about the company's direct sales program can be found online at www.nutrahempcbd.com and by following the company on Instagram.
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