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Senate Bill 57 Legalizes Hemp Cultivation and CBD Sales in Ohio
SAN DIEGO, July 30, 2019 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products through its industry-dominating brand, PlusCBD™ Oil, announces its full support of Ohio’s state law passage of Senate Bill 57 (SB 57), which makes hemp and hemp CBD products legal in Ohio.
SB 57 was approved by the Ohio House Agriculture and Rural Development Committee in June and passed the House floor on an 88-3 vote on July 17th. Through the passing of this Committee, Governor Mike DeWine immediately signed the bill into law today, July 30th.
“Ohio’s legalization of hemp cultivation and CBD sales is a positive development for Ohio’s economy, farmers, its millions of citizens, the hemp CBD industry, and our company,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “Passage of this Bill creates a new agricultural crop for the Buckeye state, which will drive economic development, job creation and a new product category sold at retail to consumers. We expect to increase our retail distribution throughout Ohio as a result of this law and look forward to bringing the highest quality hemp CBD products to Ohioans.”
The passage of this Bill took the effort of many constituents in the Buckeye State. Through the efforts of the US Hemp Roundtable, a hemp advocacy organization of which CV Sciences co-founded, thousands of hemp supporters in Ohio took action to contact their legislators. The effort included robust education on hemp, hemp production and how hemp CBD products can bring value to state economies.
Jonathan Miller, General Counsel for the US Hemp Roundtable, commented, "Ohio's passage of a pro-hemp, pro-CBD law is an important milestone for the national hemp industry. Not only does Ohio become the 47th state to legalize hemp, but the bill's overwhelming support demonstrates the public's strong aversion to agencies who want to ban CBD."
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors; and a drug development division focused on developing and commercializing novel therapeutics utilizing CBD. The Company’s PlusCBD™ Oil is the top-selling brand of hemp-based CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.
Scott Van Winkle