CADIZ INC. Today, Cadiz Inc. [NASDAQ:CDZI] (the "Company") reported that California Governor Gavin Newsom signed into law Senate Bill 153 (Wilk) ("SB 153"), which requires the state's hemp regulations to be in full compliance with federal law legalizing industrial hemp. The new state law, which was widely supported by the California hemp industry, ensures that the state will submit a plan for hemp and hemp-derived products to the US Department of Agriculture by May 1, 2020. The submission of a state plan is expected to ease regulatory uncertainty for California hemp farmers, processors, and distributors as well as those supporting the hemp industry. Graham Farrar, the President of the Company's joint venture SoCal Hemp, made the following statement about the signing of SB 153:
"California is a leader in the U.S. cannabis industry and has taken another positive step forward by ensuring its laws support California hemp's competitive advantage in the booming worldwide market for this important crop. With regulatory progress continuing, we look forward to transitioning into commercial production of sun-grown, organic, California hemp and hemp-derived products in 2020."
To learn more about SB 153, visit these summaries provided by the bill's sponsors: https://www.votehemp.com/press_releases/gov-newsom-signs-hemp-legislation-sb-153/ and https://wilk.cssrc.us/content/wilks-industrial-hemp-measure-becomes-law.
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Cadiz Inc. published this content on 15 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2019 08:32:09 UTC
