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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