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Regulators Detail Banking Rules For Hemp Firms | PYMNTS.com
Four federal agencies, in conjunction with state bank regulators, clarified the legal status of hemp-related businesses and the applicable edicts under the Bank Secrecy Act (BSA) for financial institutions (FI) offering services to those businesses, the Office of the Comptroller of the Currency (OCC) said in a joint agency press release on Tuesday (Dec. 3). Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior. The statement provides FIs with federal data that defines the legal status of hemp, as well as the U.S. Department of Agriculture’s (USDA) interim final rule on hemp production. It also clarifies the BSA guidelines when offering financial services to hemp-related businesses. [...]
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New Report on Hemp Shows the Crop’s Vast Potential, but Also Severe Supply-Chain Issues
A new report published by the Oregon-based firm Whitney Economics says commercial hemp cultivation has the potential to become the nation's third most lucrative crop in coming years. But it also warns that 65 percent of the American hemp growers surveyed didn't have a buyer for their crop. This raises the possibility of a glut, similar to the oversupply of cannabis that has driven down Oregon's prices ("Too Much Weed," WW, April 18, 2019). But it also might just be a "hiccup," says Beau Whitney, who owns the economics firm and oversaw the report. Another issue, the report says, is the inconsistent status of hemp regulations and rules across states. Individual states can still prohibit the cultivation of hemp, making transportation across states where it's illegal a risky endeavor. "Issues of crop insurance, banking, FDA regulation of CBD, interstate transportation, and confusion by law enforcement have surfaced in recent months," the report reads. But despite the setbacks, Whitney says [...]
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Hempwood | Fibonacci, LLC.
Our Mission Fibonacci, LLC aims to be a catalyst for a wave of innovation consumed by the idea that our cultural shift towards a more sustainable way of living is no longer a luxury, but a requirement. By using the algorithm of a tree, we have reverse engineered the natural growth cycle of plant-based materials and utilized bio-mimicry to transform hemp fibers and protein based bonding agents into a viable wood substitute that is 100 times faster to grow and 20% stronger than oak. With all typical wood applications being the core function of HempWood, the possibilities are nearly endless. Hemp With Bamboo Roots The idea of using hemp as a sustainable wood substitute was inspired by the experiences of our founder, Greg, while he was working for a bamboo flooring company years ago. Since then, Greg and his development team have worked tirelessly adapting the process of creating bamboo-based lumber into one that utilizes different plant species instead, like eucalyptus and hemp (patented [...]
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Hemp is the New Oak: America’s First Hemp “Wood” Factory is Being Built
“HempWood” is 20 percent harder than oak, and grows 100 times as fast. It’s a sustainable alternative for hardwood furniture, flooring and more. Now that it’s legal to grow hemp in the United States, a man who’s spent the last decade developing hemp “hardwood” is building a $6 million factory to manufacture the product en masse. His patented product called “HempWood” is made out of compressed hemp pulp fibers, held together with a soy-based glue. While that may sound like some newfangled version of particle board, it’s not. It looks and feels like oak, but is actually 20 percent harder than the famous hardwood tree. It also grows 100 times as fast. While it takes an oak tree at least 6 decades to mature, it takes hemp 6 months. Thats good news for oak trees, as they are among the most endangered trees in the planet because of the high demand for solid oak furniture. The owner of the new start up company Fibonacci, Greg Wilson, was a pioneer in the bamboo floo [...]
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Michigan hemp mattress firm navigates challenging hemp fiber market
A Michigan company hopes to be at the forefront of industrial hemp textile and fabric adoption by marketing hemp mattresses to millennials. However, short supply of hemp fiber for textiles and fabric is creating challenges for the company and driving up the price. “When we went on the hunt for the ingredients to build the bed, the supply was almost zero,” said Josh Thompson, CEO of 420bed in Portage, Michigan. “It’s really pretty incredible to me, with all the various production that goes on in various areas of the country, that hemp is not much deeper into the supply chain from a textiles standpoint than it is.” [...]
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Behind the scenes in a Kentucky ornamental powerhouse that converted to hemp
The new hemp industry is attracting some powerhouse players in agriculture, and Hemp Industry Daily went behind the scenes to see how one of the most intriguing partnerships is going. The operation planted about 5 million high-yield CBD hemp clones on more than 1,800 acres of outdoor fields in central Kentucky, all within 15 miles of the greenhouse. In January, AgTech Scientific will roll out CBD formulations for the food and beverage industry and its own proprietary brands. Currently the company is using a 30,000-square-foot extraction facility, which it plans to close upon completion of the first phase of a new 50,000-square-foot facility by the end of 2019. [...]
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Hemp Industry Daily
Hemp Industry Daily brings all of the latest B2B industry news, trends and stories that are critical to the development and commercial applications of hemp in the United States and abroad. Whether looking for information on business opportunities, production and processing best practices, or the status of legal or policy changes, professionals in all aspects of the hemp industry can gain the insight and information they need to stay competitive and grow their businesses. We highly recommend that if you are interested in Hemp that you visit and bookmark this publication. [...]
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The little-known truth about hemp
U.S. media tycoon William Hearst bought paper for his newspapers from Dupont, owner of the DuPont Camicles Corporation. Which extracted pulp from wood. Hemp paper was in every respect superior to Dupont’s paper. Its production was highly competitive. So Hearst started a PR campaign. Formally against marijuana. But in fact against hemp competitors. Her main thesis was that the use of cannabis was the main drug problem. “Marijuana caused extreme violence in people.” Businessmen managed to pass the Marijuana Tax Act in Congress. This law even prohibited the medical use of marijuana. It forced cannabis producers to pay such exorbitant taxes that they shut down their now unprofitable businesses. Paper from the trees was not the only thing. During the same period, DuPont patented the production of plastic from oil and coal. Since then the production of plastics, cellophane, celluloid, methanol, and nylon from oil products has begun. [...]
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Builders Are Using Hemp Instead of Concrete and It Could Save the Environment
It’s hard to imagine that cement could possibly be replaced by any other material for major construction projects, but the industry is starting to look at alternatives for a variety of different environmental and economic reasons. According to Bloomberg, cement manufacturers are responsible for roughly 7% of annual global carbon dioxide emissions. Furthermore, the massive demand for cement has created a global shortage of sand, which could have a disastrous impact on both the environment and the economy. Surprisingly, hemp-based concretes are among the most promising and environmentally sustainable alternatives to conventional concrete. This is not just a theoretical idea or prediction, but something that builders are already implementing in their architecture. 64-year-old Mac Radford, owner of JustBioFiber Structural Solutions, one of the leading manufacturers of hemp-concrete, says that demand for the material has increased so much in recent years that he is having a hard time k [...]
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Farmers with a license can grow hemp but cannot sell hemp products to the public
Monday, the Alabama Political Reporter talked with Gail Ellis with the Alabama Department of Agriculture and Industries about industrial hemp and complaints from hemp farmers that their state licenses are too restrictive. Ellis told APR that it is illegal in Alabama for a farmer to sell hemp material to the general public or to anyone without a hemp license. The Alabama Political Reporter asked about the legality of smokable hemp products being widely marketed in the state. Ellis said that all of those products are presently illegal as are the hemp gummy bears and other chewable hemp products. The 2018 Farm Bill make industrial hemp legal throughout the country. After the product was legalized by the federal government farmers applied for and received licenses from the Alabama Department of Agriculture and Industries to grow hemp in Alabama in 2018. These are the first farms to grow hemp in Alabama legally in approximately 80 years. While hemp historically has been used to make paper, [...]
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PolitiFact Florida: 25,000 uses for hemp, including a replacement for concrete and plastic? Hold up
Hemp has been used inside a BMW electric car, as fiber in jeans and in the walls of a Tarpon Springs home. Now Florida’s lone statewide elected Democrat, Agriculture Commissioner Nikki Fried, will oversee a new state industrial hemp program. Fried, a former lobbyist for the marijuana industry, says that hemp has a massive number of uses and will replace some common materials. "What most people don’t understand is that hemp has 25,000-35,000 known usages," she said at a Florida Democratic Party conference in Orlando. "That means it is going to be something that is going to replace plastics, and styrofoam and concrete." That’s a giant heap of hemp. But is Fried’s claim accurate? While hemp and marijuana are from the same species of plant, hemp is nonpsychoactive and is used for a variety of products. Industry-friendly legislation has helped to grow the hemp market in recent years. But don’t expect it to replace plastics or concrete anytime soon. Vast research and development [...]
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ECO INNOVATION GROUP Announces LOI for Steel and Hemp Homes Joint Venture in Santa Barbara County
Palm Beach, Florida, Oct. 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- ECO INNOVATION GROUP, INC. (OTC:ECOX) (“ECOx” or the “Company”), an Innovation Incubator platform devoted to globally important paradigm shifts in technology, sustainable and carbon negative products development and deployment, will introduce a more affordable fire, hurricane, earthquake and flood resilient steel framing construction system importantly complemented by industrial hemp building materials. ECO Innovation Group is pleased to announce that it has entered an LOI to establish its West Coast base of operations for the company’s wholly owned construction subsidiary, Steel Hemp Homes Inc (SHH), in Santa Barbara County, California. ECOx shall enter into a Joint Venture with Long Canyon Properties Holdings LLC to establish mobile facilities on 3 acres initially, with option to expand to 13 acres total with mutual agreement within 6 months of binding the LOI. This project has been in discussion [...]
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‘Hemp Team’ hosting seminar on growing process
The latest United States Department of Agriculture Farm Bill allows for the production of hemp throughout the United States. Historically hemp was grown as a fiber crop for thousands of years and was once grown on large acreages in the United States. During this period hemp was a major crop and up to the 1920’s 80 percent of clothing was made from Hemp textiles. The Alabama Cooperative Extension System has developed a Hemp Team to educate interested farmers and to research the growing of hemp in Alabama. For those wanting to learn more about this crop the Hemp Team has a meeting planned in Cullman County on November 4 from 8 a.m.-3 p.m. at Camp Meadowbrook at 2344 CR 747. The meeting cost is $25 and participants should pre-register and pay in advance at aces.edu/go/dealermeeting. Lunch and refreshments are included. Guests may register at the door but lunch may not be available. Topics covered include basic growing information, greenhouse and field production, pest issues, weed [...]
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USDA opens door for more industrial hemp farming
WASHINGTON — The federal government is ready to regulate the production of industrial hemp, allowing more farmers in more states to grow the plant that is related to marijuana but has many uses in the marketplace. An interim final rule establishing the U.S. Domestic Hemp Production Program, to be published in the Federal Register Oct. 31, includes provisions for the U.S. Department of Agriculture to approve hemp production plans from states and Indian tribes and to establish a federal plan for hemp producers in areas that have allowed hemp production but do not have their own approved hemp production plan. The state rules must include procedures for tracking where hemp is produced; testing for THC, the psychoactive compound that gives marijuana users a high; disposing of plants that exceed 0.3% THC; licensing growers; and ensuring resources to run hemp programs. Farmers in states that have not authorized hemp production — including South Dakota — still will not be able to grow th [...]
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Hemp experts to convene in Ketchum
Industrial hemp enthusiasts are coming to Ketchum this week for the first event in the U.S. dedicated to the education and expansion of the hemp industry, according to the event organizers. More than 170 attendees will hear from industry professionals, architects, builders, growers and industrial-hemp processors to hear the latest on technology, the industry, and how to create a more sustainable community using hemp. Hempitecture co-founders Matthew Mead and Tommy Gibbons are spearheading this “first ever gather of its kind in the United States,” as an opportunity to bring together the best and brightest in the industrial-hemp industry. Attendees will discuss everything from the cultivation of hemp plants to “hempcrete” building strategies to what the future holds for the industry and how to advance building with hemp in the U.S., according to organizers. Industrial hemp has been used as a building material for construction and insulation in France since the 1990s and has sin [...]
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First ‘HempTrain’ in the U.S. arrives in York County
RED LION, Pa. - Hemp's comeback in Pennsylvania is continuing. Some farmers are turning to the crop as a moneymaker. There's a new tool coming from Canada to Pennsylvania to help with the harvest. It's being called the first ever 'HempTrain' in the United States. The machine processes hemp in mass quantities. Groff North America, the company who bought it, said installation began Tuesday and will continue over the next two weeks. Weighing in at 32 thousand pounds, and taking up a space of 20 by 50 feet, the HempTrain will process nearly 2,000 pounds of hemp per hour. "Part of the enthusiasm surrounding hemp is because it's rapidly renewable," Steve Groff, founder and chairman of Groff North America, said. "It absorbs CO2, and it has literally tens of thousands of uses." HempTrain can separate full hemp bales into three distinct fiber materials that can be used to generate bioplastics and building materials. From those three materials, a number of products in a number of industries can [...]
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White House approves USDA hemp rules; release imminent
The White House Office of Management and Budget (OMB) approved the U.S. Department of Agriculture’s (USDA) federal hemp production rules, Hemp Industry Daily has learned. With approval from the OMB, which must sign off on new regulations from any federal agency, the public release of the interim production rules could come any day. Washington DC-based cannabis attorney Jonathan Havens wrote in an email to Hemp Industry Daily on Monday that he expects the USDA’s federal rules to include: - Review of state hemp programs (i.e., criteria for USDA sign-off on the same). - THC testing and, more specifically, the point or points at which THC must be tested. - Processing requirements. - Biomass transportation. One of the biggest questions that remained unclear after approval of the 2018 Farm Bill is the legality of the transportation of hemp and its derivatives through states that don’t have or don’t want hemp programs, including states that still consider hemp and hemp-derived CBD to [...]
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