Senator Schumer Announces Canopy Growth’s $100-150 Million Investment In Southern Tier Hemp

Schumer: This Project Will Be A Huge Shot In The Arm For The Southern Tier’s Economy And Will Position The Region At The Forefront Of The Industrial Hemp Revolution

NEW YORK: U.S. Senator Charles E. Schumer today announced, following his all-out effort to pass his legislation the Hemp Farming Act of 2018 as part of the bipartisan, 2018 Farm Bill, which was signed into law last December that Canopy Growth will invest between $100 and $150 million in a project to be sited in the Southern Tier. This industrial hemp focused project will make the Southern Tier a hub for processing, research and development. The establishment of a first-of-its-kind hemp industrial park in New York, and one of the first in the nation, will attract various types of industrial hemp-oriented businesses to the region, feature a large industrial hemp processing operation, and provide countless opportunities for the region’s farmers and growers. Schumer explained that this project will bring hundreds of good-paying jobs to the Southern Tier, with the potential to add many more as more industry-oriented businesses locate in the area. Schumer applauded Canopy Growth for choosing New York and seizing the opportunity to be at the forefront of the Southern Tier’s industrial hemp revolution.

“Now that we’ve stripped the burdensome federal regulations and restrictions from industrial hemp, the industry in the Southern Tier is poised to explode with the growing and processing of this exciting new crop that has so many applications, and this major project will help make sure of it. This investment could create hundreds of good paying jobs in the region, help a new industry take root, and serve as a magnet for more companies and industry-related enterprise to locate to the region,” said Senator Schumer. “In addition, this industry and particular project will offer new opportunities for growers and provide a real boon for Southern Tier farmers. I’m proud to announce this major, job-creating investment in the Southern Tier, and will keep fighting tirelessly to support the burgeoning industrial hemp industry in the region.”

The Schumer-backed Hemp Farming Act of 2018 was introduced by Majority Leader Mitch McConnell (R-KY), Sens. Rand Paul (R-KY), Jeff Merkley (D-OR) and Ron Wyden (D-OR), passed and signed into law as part of the 2018 Farm Bill, and does the following:

·       Removes industrial hemp from Schedule 1 of the Controlled Substances Act

·       Empowers states to be the principal regulators of hemp

·       Allows hemp researchers to apply for competitive federal grants from the U.S. Department of Agriculture (USDA)

·       Makes hemp farmers eligible to apply for crop insurance

Industrial hemp is a type of cannabis plant that is grown largely for industrial uses, but it can also be utilized for food, oil, and cosmetic products. Hemp contains a very small amount, typically between 0.2 and 0.3 percent of tetrahydrocannabinol (THC), and while from the same species of plant as marijuana, it has varied widely in use. However, due to the existence of THC in hemp, Schumer explained, both plants were considered “controlled substances” under federal law, meaning the U.S. Drug Enforcement Administration (DEA) was the primary regulator for hemp production. Schumer argued that this narrow view has undermined the crop’s agricultural and economic potential. With the Hemp Farming Act of 2018 passed by Congress and signed into law last year, this unnecessary roadblock has been lifted, and industrial hemp’s significant potential to become a cash crop in Upstate New York’s will be unleashed.

Cannabis Refinery Leasing And High End Multi Processing Announce Multi-Year, $21M Industrial Hemp Processing Agreement In Upstate New York

CALIFORNIA: Cannabis Refinery Leasing and High End Multi Processing (H.E.M.P.) today announced an up to $21M, multi-year agreement to build New York State’s largest industrial hemp refinery. Cannabis Refinery Leasing, Inc. (CRL), in partnership with Applied Extracts, Inc., will supply its proprietary refinery scale supercritical CO2 extraction and fractional distillation technology to H.E.M.P., a newly licensed industrial hemp processor located in Spencer, NY. High End Multi Processing is planning to begin processing operations in November 2018.

At full production capacity, the Spencer, NY industrial hemp refinery will be the largest processor of industrial hemp in the state. The refinery will produce high purity full spectrum hemp extracts and CBD isolates for pharmaceutical, nutraceutical, and topical use.

The agreement was announced publicly by H.E.M.P. CEO Jeff Luciano, at a press conference hosted by Sen. Charles Schumer (D-N.Y.) on August 24th, 2018 in support of the 2018 Farm Bill which is expected to fully legalize industrial hemp and de-schedule cannabidiol (CBD).

CRL CEO James White, Ph.D., commented: “We are enthusiastic about the future of the industrial hemp revolution underway in New York and in the nation, and look forward to making a long-term contribution to New York State and our partner H.E.M.P.”

High End Multi Processing’s CEO Jeff Luciano commented: “Working under a cooperative model, we have assembled the largest collective of farmers growing hemp in the state, with every one of those farms hiring new workers and looking toward the future. With the installation of our new processing facility and the relationship forged with CRL, New York, and Tioga County are poised to become an industrial hemp epicenter, bringing a wave of economic opportunities into the area.”