Growth of Legal Cannabis Industry in U.S. Could Make Hemp a Valuable Agricultural Commodity
VEGA BIOFUELS, INC. (OTC PINK: VGPR) announced today it will start testing industrial hemp as a feedstock for manufacturing its green energy Bio-Coal.
Vega has entered into an Agreement with Vencor International, manufacturer of the Company's Bio-Coal, to start testing industrial hemp for use as feedstock to produce Vega's green energy alternative to traditional coal.
Vega recently announced that it had entered into a long term Agreement with Vencor to produce the Company's Bio-Coal. The Company currently uses timber waste as its feedstock. The fast growing hemp plant could prove to be the perfect feedstock since it can be harvested once a year.
Hemp is a variety of Cannabis sativa and is of the same plant species as marijuana. Although industrial hemp is genetically different and distinguished by its use and chemical makeup, and has long been cultivated for non-drug use in the production of industrial and other goods, in the United States. Recent changes to cannabis laws in several states could significantly impact the use of industrial hemp in the United States. Several states have conducted economic or market studies, and have initiated or passed legislation to expand state-level resources and production.
Vencor will provide Vega with samples of Bio-Coal made from industrial hemp. Vega will have in depth testing performed on the samples to see if it qualifies as Bio-Coal. Vega will test for ash, sulfur and volatile content as well as fixed carbon and BTU content.
"With the explosion of the cannabis industry in the U.S., industrial hemp could very quickly become an extremely valuable agricultural commodity," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "We anticipate that the testing will be positive and that we will be able to show that Bio-Coal can be manufactured from industrial hemp plants."
Vega's Bio-Coal has a high energy density of up to 13,000 BTUs/Lb and is considered a renewable energy fuel that meets the Renewable Portfolio Standards and Renewable Energy Credits (RECs) in the United States.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "plan," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
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