Medical Cannabis Payment Solutions (OTC: REFG), a leader in technological solutions for the medical cannabis industry, announced today the company is working on growing industrial hemp as part of Vermont’s industrial hemp program. The company is looking at multiple properties to begin growing and anticipates its first harvest will be in 2019.
“While we are fully committed to our solution to the banking and financial transaction problems in the state sanctioned marijuana industry, we are pleased thus far with our diversification into CBD extraction,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. “With the recent approval of a CBD based medicine by the U.S. Food and Drug Administration and the Drug Enforcement Agency’s recent clarification, we believe this emerging market is an important focus for our company.”
Under Vermont’s law, applications must register annually with the state’s Agency of Agriculture, Food and Markets and pay an annual fee. Growers must also comply with various farming statutes, including the Required Agricultural Practices rules.
“This is an exciting step for our company. We’ve been contacted by many shareholders who want to see us expand our footprint and this decision is in direct response to those petitions,” said Roberts.
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