Hemp Inc. (OPTCMKTS: HEMP) has announced the settling of a longstanding five-year SEC civil lawsuit, and now with the final filing completed, the company is ready to move forward.
Hemp settles five-year longstanding civil litigation
Hemp and Bruce Perlowin have settled their civil litigation without denying or admitting the Securities and Exchange Commission’s allegations. Perlowin has moved to Chief Visionary Consultant from CEO. Although he will not be supervising the daily running of the company, he will remain a true Hemp visionary that shareholders respect and admire.
Notably, the company is still devoted to its long-term goals, and it is aggressively pushing forward with new ideas and new blood to the management team. So far, the company has expanded its expertise by appointing a new CEO and new Board of Directors.
The US has made progress in supporting the hemp sector
Hemp has noted the considerable progress that the US House of Representatives has made in various hemp industry issues. Early in the summer, the US House started working on extending compliance times, clarifying hemp production and consumption rules in the US, and reconsidering hemp policies.
At the end of June, the House Appropriation Committee proposed various hemp-associated legislative items. The committee issued a report deeming industrial hemp growing and marketing an important opportunity for rural communities. Also, the committee requested the US Department of Agriculture to clarify that hemp-growing businesses also qualify for rural agricultural grants.
According to the committee, Congress’ intention Public Law 115-334 was for industrial hemp to qualify for all Department of Agriculture programs. The report adds that industrial hemp can considerably benefit rural communities, and Rural development should ensure that hemp production businesses qualify for competitive grants. The committee has proposed a considerable increase in agricultural funding, and around $16.7 million should go into supporting federal hemp production.