December 11, 2014

American Seed & Oil Company Poised For Legal Hemp Cultivation in New York

Yahoo! Finance
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.

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