The new farm bill will allow universities and state agriculture departments to create industrial hemp growing programs. However, it only applies to states where industrial hemp farming is already legal under state law. These 10 states include Colorado, Washington, California, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont and West Virginia.
If these research programs are fruitful, they could open the door for commercial hemp farming. According to the Associated Press, the US imported about $11.5 million in hemp products in 2011.
Under terms of the proposed joint venture, Marijuana, Inc. will assist VaporBrands with the development and distribution of specialized marijuana vaporizing products to be sold primarily through existing medical marijuana dispensary networks.
In addition, VaporBrands and Marijuana, Inc. have agreed to research, develop and distribute vaporizer products specifically for the use of Hemp Oil in natural medicine. Marijuana, Inc. has also agreed to assist VaporBrands in expanding the retail distribution of its current and future electronic nicotine based cigarette products.
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On Jan. 31, Growlife announced that it had entered into a strategic partnership with RXNB Inc. Growlife entered into an agreement to purchase a 40% equity stake in RXNB Inc. To sell and distribute RXNB proprietary technologies globally and share profits related to technology licensing, subject to the approval of the GrowLife board. GrowLife currently has a 45% ownership interest in OGI, with conditions under which it can gain majority interest.
RXNB is an investment company with holdings in drug formulation, manufacturing, and distribution. The company represents a recent roll-up of several independent companies in the pharmaceutical and nutraceutical market. RXNB has numerous pending patents in the field of THC research and development. RXNB has a portfolio valuation of $110 million dollars and approximately $27.5 million dollars in annual revenue.
Could Become Strong Asset
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The positive news on hemp legalization also pushed Cannabis Science Inc. (NASDAQ OTC: CBIS) stock volume to Stratospheric heights, with 86,127,769 shares changing hands, 3.7 times more than its three-month average of 23,014,136 shares.
It also validated the company’s ongoing lobbying effort.
Cannabis Science has been lobbying hard for the decriminalization of cannabis research, which is definitely makes it a player that is serious about developing products in a timely and safe fashion.
Lobbying Hard to Make Cannabis Research Possible
The company's government relations team lead, Rick Blake, is working with the U.S. House of Representatives' Cannabis Caucus to ensure that President Obama signs an Executive Order to decriminalize cannabis research. This is one of the bipartisan initiatives of the members of the Cannabis Caucus being facilitated by Cannabis Science. In contrast to many other countries Cannabis Science believes the regulatory landscape of the United States creates unreasonable restrictions on the ability of scientists and physicians to explore promising patient-driven research involving cannabis and cannabinoids.
“Thousands of patients are awaiting the President's action to set cannabis research free,” said Director and CEO of Cannabis Science Dorothy Bray, in a Jan. 29 written statement.
The Colorado company that is developing cannabis-based medicines announced on Jan. 16 that it is spearheading an observational clinical research study in 2014 focusing on the use of cannabis and cannabis-based products to treat a variety of medical conditions.
“We will work with full authorization of the regulatory authorities and, most importantly, with the approval from patients,” said Cannabis Science President Robert Melamede.
Selling Equipment in Canada and Abroad
On Feb 3, Cannabis Science also announced it would be partnering with MDS, a subsidiary of Medbox, Inc. to sell and distribute equipment to be used in the medical-marijuana industry. Under the terms of the agreement Cannabis Science has a 50/50 gross profit exclusive on any and all MDS equipment sales in Canada and other select markets, according to the release Both Cannabis Science and MDS have multiple opportunities in Canada based on recent developments with medical cannabis in that market. Other countries will follow pursuant to the agreement as Cannabis Science moves forward aggressively in Europe and South America.
CBIS share price closed at 29 cents on Feb. 5, up 7 cents from its closing price of 22 cents the previous day.
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