Vancouver, British Columbia: HEMP FOR HEALTH INC. (CSE:HFH) (FSE:9HH) (the “Company” or “HFH”), a cultivator and distributor of premium CBD products in Italy and other European countries, provides its shareholders with this update on operations and the current outlook in Italy.
The Company has completed the hemp harvest for the 2020 growing season. The hemp biomass and flowers are currently being cleaned, dried and then weighed while samples have been sent to two separate laboratories for analysis of CBD, CBG and THC. The results will be issued in a press release shortly.
“We’d like to thank our farm hands and everyone who made the 2020 harvest possible with their hard work,” reported Robert Eadie, CEO and President of the Company.
On a regulatory front, Italy faces a predicament in its government policies towards the oral use of CBD. One ministry (Italy’s Customs and Monopoly Agency) is classifying CBD as a narcotic, with officials simultaneously banning the compound from the Italian market and requiring that authorization be obtained from the Italian Medicines Agency to produce CBD for oral use. Another ministry (the Ministry of Agriculture) has issued its decree, listing hemp flowers for “extraction uses” as an agricultural product, and not a drug.
This is being orchestrated while several countries in the European Union make way for Epidiolex, a purified drug substance containing CBD which has already been legalized in the United States.
“There are significant cracks in the logic of the Italian government’s position right now,” stated Hemp for Health’s CEO and President, Robert Eadie. “This recent move can only stifle small businesses, entrepreneurs and farmers in Italy and directly contradicts the EU’s guidelines for the oral use of CBD.”
The Company can still grow and sell hemp in Italy. Together with its distributors and partners outside of Italy, Hemp for Health will pursue all avenues to clear the pathway to rollout its products in Europe and other international markets.
About Hemp for Health Inc.:
Hemp for Health is a cultivator and distributor of premium CBD products contracting farmers in the Tuscan region of Italy for the purpose of yielding the highest quality hemp-based CBD. Our focus is to offer the absolute best in natural and organic CBD products to our customers, and that starts with pristine soil, seeds, and sun. The company is a supporting and proud member of the European Industrial Hemp Association that represents the interests of hemp farmers, producers and traders. (See further details available in the Company’s filings on SEDAR. www.sedar.com)
ON BEHALF OF HEMP FOR HEALTH INC.
(sgd.) Robert Eadie
President & CEO
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT: Evan Eadie
Telephone: 416-640-1936 x 203
Toll Free: 1-866-602-4935
Except for statements of historical fact, this news release contains certain “forward-looking statements” within the meaning of applicable securities law. In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to (i) the planting and harvesting of certain quantities of hemp during 2020, and (ii) the monetization of the Company’s current inventory of hemp. In connection with the forward-looking statements, the Company has made numerous assumptions regarding, among other things: the ability to plant, grow and harvest hemp without significant loss due to adverse weather conditions or natural disasters. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant risks, uncertainties and contingencies which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained herein. Risk factors include: general risks associated with agriculture including drought, infestation, fire, hail, flooding, and factors beyond the control of the Company; a material increase in the supply of hemp, regionally or worldwide which depresses the general price for hemp and hemp derived products; unanticipated operating delays or halts; competition from other growers or suppliers; failure to obtain or maintain all required approvals from regulatory authorities; and changes in regulations related to the growing, processing and distribution of hemp and hemp related products. A more complete discussion of the risks and uncertainties facing the Company is disclosed in its prospectus dated November 1, 2019 as filed on SEDAR. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.