Cannabis Therapy Corp. (OTC: CTCO), a development stage company that aims to become a leader in the research, development, and commercialization of safe, all-natural, THC-free cannabinoid-based medicinal therapies and supplements, recently announced that its initial hemp cultivars are well underway measuring in at 16 inches high with normal healthy growth characteristics.
“Working with a fourth generation Colorado farmer has provided us with a real advantage towards reestablishing the domestic hemp industry over many other growers who are exploiting the regulatory environment and attempting outdoor cultivation in the region for the very first time,” said Cannabis Therapy Corp. President and CEO Soren Mogelsvang.
The hemp crop is being cultivated under a lease and service agreement with Rocky Mountain Hemp Inc. of Springfield, Colorado on privately held, organic, irrigated farmland in Southeastern Colorado. Mr. Ryan Loflin, RMH’s Principal, is the first Colorado farmer in 57 years to grow, successfully harvest, and process a commercial scale industrial hemp crop in the United States.
“Given the pace of growth and potential yield of our crop, we currently believe this initial acreage will adequately deliver a regional source of natural, low-THC cannabinoids and the resultant ability to accelerate our path to revenue,” added Dr. Mogelsvang. “We’re looking forward to the next steps of harvesting, processing, and manufacturing a whole new line of exciting cannabinoid-enhanced products.”
Cannabis Therapy aims to utilize low-THC hemp rather than traditional high-THC marijuana cultivars in order to develop over-the-counter nutraceutical products that offer the medicinal benefits of cannabis without the psychoactive components that attract regulatory scrutiny. Hemp foods have been legalized under federal law following a February 2004 court decision of HIA vs. DEA.
Shares of Cannabis Therapy Corp. rose 1% in mid-day trading on Wednesday, June 25, 2014 following the news announcement.
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