Health Canada's industrial hemp exemption Some what related info which is always good...
Hempco cheers Health Canada's industrial hemp exemption
2018-08-15 11:50 ET - News Release
Ms. Diane Jang reports
HEMPCO COMMENTS ON HEALTH CANADA'S EXEMPTION TO INDUSTRIAL HEMP REGULATIONS
Hempco Food and Fiber Inc. has commented on Health Canada's publication of the Subsection 56(1) Class Exemption in relation to the use of hemp under industrial hemp regulations (flowering heads, leaves and branches).
The exemption, published on Aug. 10, 2018, enables companies with the relevant licences to commence using the whole hemp plant for commercial purposes, which was prohibited under previous regulations. The exemption will remain in place until the scheduled implementation of the Cannabis Act on Oct. 17, 2018, which allows for whole plant utilization from that date onwards.
"This historic decision clears the way for whole hemp plant utilization, a complete game changer for our industry, allowing Hempco to develop new revenue streams in potentially very significant markets," said Diane Jang, CEO of Hempco. "The exemption allows us and our strategic partner, Aurora Cannabis Inc., to commence extracting CBD from hemp and develop a new line of health products, a market with considerable potential."
Prior to implementation of the exemption, hemp growers were required to discard a sizeable portion of the hemp plant as waste. Under the new regulations, companies can immediately collect, harvest, dry and store industrial hemp flower, buds, leaf materials and branches. These materials contain very valuable raw materials that can be used to produce nutraceuticals and health products. These are markets where sustainability principles and health-related considerations are generating positive momentum for the adoption of new raw materials, such as hemp, creating significant growth potential.
Hempco has established a considerable network of suppliers of harvested hemp, providing the quantities of raw materials needed to produce these new products in large quantities.
Ms. Jang added, "The extraction of CBD allowed for under the new Act is another key component of our growth strategy, and we are well positioned to take advantage of this enormous opportunity. Together with our strategic partner and majority shareholder Aurora Cannabis Inc., we are now in prime position to develop quality new products and take our hemp business to the next level. The combined distribution channels of Aurora and Hempco, as well as Aurora's technology partners create both capacity and broad market reach, enabling us to pursue accelerated growth."