PALM BEACH, Florida, May 8, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Theglobal cannabis market continues to forge forward as gradual legalization occurs, with recent developments in the United States headlining the current legislative news. Last week Minority Leader Chuck
Hemp Inc. (OTC:HEMP) last week announced it applauds the Illinois Senate for unanimously passing legislation to legalize industrial hemp in The Prairie State. Senate Bill 2298 passed April 24, 2018, in a 50-0 vote and is now before the Illinois House. Senate Bill 2298 creates the Industrial Hemp Act and provides that "cannabis" does not include industrial hemp as defined by state law. Illinois passed legislation in 2014 allowing the state's Department of Agriculture and state universities to grow hemp for research purposes. The newly passed bill by the Illinois Senate would allow Illinois farmers to apply for permits to grow industrial hemp to make a variety of commercial and industrial products. Rebecca Osland, the Alliance's director of government relations, said "there could be a whole [new] set of industries that could grow up around this," according to Chicago Tonight. The cannabidiol (CBD) market is projected to grow to a $2.1 billion market in consumer sales by 2020, according to The Hemp Business Journal.
Freedom Leaf Inc. (OTCQB:FRLF) recently announced that Las Vegas-based, Nevada State Senator, Richard S. Segerblom, who led the drive for the legalization of marijuana in Nevada, has agreed to join the Freedom Leaf Board of Directors. The other Directors include: Paul Pelosi Jr., Chairman, Freedom Leaf CEO Clifford J. Perry and Freedom Leaf EVP Raymond P. Medeiros. Senator "Tick" Segerblom commented: "Freedom Leaf shares my vision that Las Vegas is the perfect home for marijuana and hemp companies. Nevada's corporate laws and tax structure are second to none. Joining the Freedom Leaf Board enables me to take that message throughout the nation, Canada and the world."
Kush Bottles, Inc. (OTCQB:KSHB), a leading provider of packaging, supplies, vaporizers, hydrocarbon gases, solvents, accessories and branding solutions for the regulated cannabis industry, recently announced it has completed its acquisition of Summit Innovations, LLC ("Summit Innovations"), a leading distributor of hydrocarbons to the legal cannabis industry based in Denver, Colorado. Summit Innovations was acquired in exchange for 1,280,000 shares of Kush Bottles common stock and approximately $3.2 million in cash, subject to certain adjustments and holdbacks, as further described in the Company's press release dated April 10, 2018.
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