Dallas, TX / ACCESSWIRE / December 10, 2014 / Algae International Group, Inc. (ALGA), through its operating subsidiary American Seed & Oil Company, Inc. highlighted six months of preparation for the anticipated legalization of hemp cultivation in New York.
In June this year, both chambers of the New York legislature approved a bill by a near-unanimous vote to allow the cultivation of industrial hemp. Prior to year-end, Governor Cuomo is anticipated to sign the bill into law, let it become law without his signature, or veto the bill. However, the near-unanimous vote in both chambers of the legislature represents a veto-proof majority.
In anticipation of the bill passing, American Seed & Oil has reached agreement with a New York landowner to plant a hemp crop in New York in 2015 in addition to developing a pending pilot research agreement with a New York University.
The bill, sponsored by Assemblywoman Donna Lupardo, D-Endwell, passed unanimously in the Assembly. Lupardo was quoted in a recent article by John R. Roby: "The goal is to establish capacity and interest in producing hemp products on New York land, with New York labor, to generate money and taxes that stay in the state."
American Seed & Oil Company CEO Steve Rash said in the same article by John R. Roby that the Company "has a facility on the New York-Vermont border that can process hemp oil."
The full article can be found at http://bit.ly/Am_Seed_and_Oil_in_NY
American Seed and Oil Company's veteran-owned innovative cannabis operations are currently centered in Vermont working with local farmers to produce the largest hemp crop in Vermont in 2014 (according to John Kalish on National Public Radio 'Here and Now' show - http://bit.ly/164Ev8t). CEO Steve Rash says, "the company plans to plant 1,000 acres in 2015."
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.
SOURCE: Algae International Group, Inc.