American Premium Water Corp. (HIPH) Celebrates Passage of 2018 Farm Bill Formally Legalizing Hemp in the US
PLAYA VISTA, Calif., Dec. 21, 2018 (GLOBE NEWSWIRE) -- American Premium Water Corporation (OTC: HIPH) is proud to celebrate the official signing of the 2018 Farm Bill by President Trump, paving the way for the legalization of Hemp, the plant that cannabidiol (CBD) is extracted from. The Company commends a rare act of bipartisanship between both houses of Congress enacting this legislation that will help create jobs and positively affect the lives of millions of Americans with the legalisation of the crop, removing antiquated laws that stifled inter-state commerce, many roadblocks to distribution of Hemp-infused products, including CBD have been removed.
American Premium CEO and Interim Chairman Ryan Fishoff, commented, “Today is a monumental day for our industry. I applaud representatives of the US government for coming together to get rid of the antiquated laws around hemp that serve the best interests of the people so well. It's very telling in this polarized and partisan atmosphere we are in, both parties overwhelmingly approved this common sense legislation that is going to make doing business in the hemp industry significantly easier. This is a watershed day for the Company. Going forward, the restrictions and unfounded reservations against products containing CBD (like ours) should be lifted, giving millions of US consumers unfettered access to our products. The landscape of the market has seismically changed, and will look very different going forward.”
For decades, federal law did not differentiate hemp from other cannabis plants, all of which were effectively made illegal in 1937 under the Marihuana Tax Act and formally made illegal in 1970 under the Controlled Substances Act—the latter banned cannabis of any kind, including hemp for industrial purposes. The 2014 Farm Bill opened up state-regulated pilot programs for planting “industrial hemp,” which it defined as cannabis sativa plants containing 0.3% or less THC, but since then farmers still faced several barriers to growing hemp due to federal prohibition that restricted access to banking, water rights, and crop insurance. The 2018 Farm Bill removes these restrictions putting hemp, the CBD derived from it, under the purview of the US Department of Agriculture.
With the passage of the bill, the CBD market in the US is expected to grow by forty (40) times over the next four years. The Brightfield Group, a leading intelligence provider of Cannabis and CBD in consumers insights and market research, projects that the consumer market for CBD will reach $22 billion by 2022. This figure includes CBD infused beverages, which will still be a small percentage of the $388.4 Billion non-alcoholic beverage market and the $304.6 billion alcoholic beverage market. With the legislation allowing for the open access to these markets, there is great potential for CBD infused beverages to capture a sizeable share of both markets.
“The Bill’s passage will open many doors for the Company and allow for unrestricted sales of our products. The Company no longer has to dance around the semantics of branding the products “hemp” or “hemp-oil”. We can call a spade a spade and start unabashedly selling our products labeled as CBD. This legislation will legitimize CBD and bring it into the mainstream. We are not going to market this product around the cannabis connections. We are working to legitimize CBD as a scientific additive, and our marketing prowess will work towards emphasizing the health benefits of the compound, not squarely a fringe recreational drug. I am excited to begin a full court press of selling to the big box retailers, especially the large pharmacy and grocery chains like Krogers, CVS, Walgreens, and others who will see this legislation as a green flag to welcome CBD infused products into their store. This will also open the doors into the high end departments stores that Gents is carried in, mainly Saks and Bloomingdales, as the Company will be able to leverage those relationships to place the Canyon Create CBD products into their channels. The bill’s passage will also bring about a flood of investment from strategic and institutional funds, which will benefit the industry and the Company. 2019 will be a big year for this Company and I look forward to keeping the shareholders abreast of all the developments,” concluded Mr. Fishoff.
About American Premium Water Corp.
American Premium Water (OTC: HIPH) is a diversified luxury consumer products company focused on businesses in the health and beauty and biotech sectors. The company is focused on harnessing the powers of hydrogen and Nano technologies paired with cannabidiol (CBD) to treat health disorders and enhance quality of life. This business model aims to market emerging fashion brands by leveraging classic retail partners and incorporating disruptive blockchain technologies to expand the retail footprint. The company’s portfolio includes the LALPINA Hydro and LALPINA Hydro CBD brands (www.LalpinaInc.com), Gents, Worthy, and blockchain platform FashionCoinX (www.FashionCoinX.com).
Safe Harbor Notice
Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). American Premium Water Corporation cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. American Premium Water Corporation undertakes no obligation to revise these statements following the date of this news release. Additional details of the Company's business can be found in its public disclosures as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
This press release is issued on behalf of the Board of Directors of American Premium Water Corporation
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