A new parliamentary intergroup was announced in Italy on October 24, 2019. In just a few hours, the group gathered more than 50 members. Its primary objective is to set a schedule for the discussion of the 2016 citizens’ initiative for cannabis legalization. This initiative was supported by 60,000 signatures, and now a parliamentary debate is set to launch on the subject.
Hemp is a plant. A plant that grows in nature, at any latitude. A plant that has been friendly to man since our origins. We have used it as a medicine since 2700 BC and then as paper, fuel, fabric, and food. Then we suddenly banned hemp: we were told that it can hurt us. The truth is that it was an uncomfortable enemy for the oil industry and pharmaceutical companies.
Now more and more people and companies are rediscovering it, with incredible social and economic benefits. Because hemp can also be used for the manufacturing of bio-plastic, bio-construction materials, and to generate green and clean energy. The hemp industry can also potentially support millions of jobs worldwide.
In the United States of America the cannabis industry is the sector that creates most new jobs right now.
At a recreational level, it is important not to abuse it. It’s important to use it with responsibility and awareness, just like any other substance we decide to consume, including water. This crucial aspect needs to be clarified and explained, above all to teenagers and the youth, through appropriate awareness campaigns. Many American states are already engaged in such activities. Once this problem is properly taken care of, there is no logical reason to continue to oppose the legalization and use of cannabis products.
For guidance on how to turn a social problem into an economic boon, Italy can look at the North American cannabis industry. The immense potential of the cannabis market is demonstrated by companies like Veritas Farms Inc (OTC: VFRM). Founded in 2015, this dynamic cannabis company has experienced impressive growth, and now operates a 140-acre industrial hemp farm and facility located in Pueblo, Colorado.
Veritas is a producer and distributor of CBD products, such as gummies, vape oil, lotions and tinctures. The company supervises the whole manufacturing process of the product and is focused on transparency and on offering high-quality user experience. In this regard, the company released a QR code packaging that can be used by buyers to check the quality of Veritas’ products.
Veritas Farms generated more than $2.9 million in total revenue, in Q2 2019. That is a 500% increase since Q2 2018. Their gross profits reached $1,523,413 and thanks to great results, they managed to reduce the liabilities by over $1.3 million.
Whether it’s in North America or Europe, the legal cannabis industry is burgeoning, allowing cannabis companies to take full advantage of the numerous legalization initiatives. In just a few years, the cannabis sector could be a massive contributor to the economy of the countries that are already opening their doors to the industry. Italy and other nations that continue to stifle the cannabis industry should decide if they want to keep up with forward-thinking nations.
