Cresco Labs Announces Profitable Third Quarter 2018 Financial Results – Cannabis Business Times

Congress is expected to vote on the 2018 Farm Bill this week, which includes provisions to legalize industrial hemp.

Earlier this year, U.S. Sen. Mitch McConnell inserted language from his Hemp Farming Act of 2018 into the Farm Bill to legalize the cultivation and sale of the plant, which refers to cannabis that contains less than 0.03-percent THC.

This language would essentially remove industrial hemp from the Controlled Substances Act and allow states to regulate its production, commerce and research. According to the National Conference of State Legislatures, as of August 2018, 40 U.S. states allow the cultivation of hemp for commercial, research or pilot programs.

Collin Peterson, Ranking Democrat of the House Agriculture Committee, has indicated that the Farm Bill is nearly completed and that it should be filed Dec. 10, according to a WHOtv news report. The House is expected to consider the legislation Wednesday, followed by the Senate on Thursday.

“The cannabis industry is closely watching the outcome of the Farm Bill,” said Nancy Whiteman, founder and CEO of Wana Brands, a Colorado-based infused products company. “And while we are seeing a lot of startups try to move in, nobody is better suited to operate in this market than experienced licensed cannabis manufacturers. Marijuana infused producers have been perfecting precise dosing, testing and supply chains for the past decade, and these companies will lead the way in the next generation of CBD products.”

Wana Brands recently launched its Mango CBD Sour Gummies—a CBD-only product—in Oregon, and plans to launch a full CBD product line in the first quarter of 2019.

“This is great news for us as a company and an industry,” added Dylan Summers, director of government affairs and compliance for CBD supplier Lazarus Naturals. “The future is bright as hemp solidifies itself as a legitimate

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