Dallas, TX / ACCESSWIRE / October 9, 2014 / Algae International Group, Inc. (ALGA), through its operating subsidiary American Seed & Oil Company, Inc., announced today the harvest of the largest legal hemp crop in Vermont in over 60 years.
Harvesting efforts continued late into the night.
In June 2014, Vermont signed into law a bill that legalizes the cultivation of hemp, a relative of marijuana, for the first time since 1937. Proponents of the new law say hemp could be a lucrative value-added crop for Vermont farmers.
American Seed & Oil contracted two State licensed growers for the development of its hemp production, with its first ever harvest just completed. The Company plans to utilize the harvest to build a legal seed depository and for the seeding of its own 2015 one-thousand acre hemp crop goal.
Hemp Trading and Import Division:
The Company is also please to announce its new hemp trading and import division, which plans to supply the existing United States $500 million hemp product industry through the import of raw hemp from foreign countries. The company will work to become a legal importer of raw hemp for the production of hemp based products to include edibles with hemp seed, hemp oil and CBD oil as well as clothing and construction materials made from hemp fibers.
Ed Bollen, the CEO of Algae International Group, Inc. commented, "We are very pleased to announce our first harvest of hemp, which turned out to be the largest legal hemp crop harvested in Vermont in over 60 years. As we move forward we project 2015 could position the Company as an industry leader and supplier to other players within the sector"
As of October 2014, the Company has approximately 31 million common shares issued and outstanding.
About Algae International Group, Inc.
Algae International Group, Inc. (ALGA), through its operating subsidiary American Seed & Oil Company, Inc., is in the business of hemp production in Vermont to supply seed to the expanding hemp farming market, hemp based consumer products market, and hemp based construction material market.The Company is also piloting a number of other cannabis related products. For more information please visit www.americanseedandoil.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
Phone: (972) 528-0162
SOURCE: Algae International Group, Inc.