Extreme Biodiesel’s XTRM Cannabis Ventures stock is taking off on the heels of legalization of medical marijuana production and moves made made to build a 40-acre manufacturing plant in California. Shares of the startup’s stock closed 91 percent higher on Wednesday, and overall 180 percent higher since February 3rd.
What started all of this was an amendment to the Farm Bill, and one proposed by Congressional representatives Jared Polis (D-Colorado), Rep. Thomas Massie (R-Kentucky) and Rep.Earl Blumenauer (D-Oregon).
The Farm Bill Amendment allows universities and state agricultural departments in the 10 states that currently have laws legalizing hemp farming: California, Colorado, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont, Washington and West Virginia, to grow and research the industrial properties of the plant without fear of reprisal from the federal government.
With the amendment, The Farm Bill allows these states to study the “growth, cultivation and marketing” of hemp. It also allows states to draft their own administrative rules, which means these states can outsource cultivation to local farmers and begin growing as soon as the local rules are accepted. And there is no limit on the volume of hemp that can be grown, and there’s no limit for the size of a research facility.
That alteration in the Farm Bill that President Obama signed into law was so small that it was largely ignored by the mainstream media. But it’s impact has been enormous. It was the reason that XTRM Cannabis Ventures was able to secure land and financing for a new 40-acre cannabis and medical marijuana production facility in California.
XTRM Cannabis Ventures says it’s planning to develop the land (which it acquired using a $5 million line of credit from Coastal Mortgage Group) to have five 20,000 sq ft warehouses for indoor marijuana or cannabis growth, 20 acres for outdoor Hemp cultivation for biodiesel, and an industrial center to process marijuana / cannabis into smokeless products.
Joseph Spadafore, the President, Chief Executive Officer and Chief Financial Officer of Extreme Biodiesel, said “XTRM wants to jump right out ahead of the curve, we have just entered our due diligence period and look forward to developing this property and becoming a leading Cannabis producer. We are consulting with leading horticulture / farming experts to assure the maximum use of the property. The build out of this project will comply with the law, and we will be posting video and pictures of the land in the coming days on the XTRM Cannabis Website.”
When President Obama signed the Farm Bill on February 4th, he said “This bill provides certainty to America’s farmers and ranchers, and contains a variety of commonsense reforms that my Administration has consistently called for, including reforming and eliminating direct farm subsidies and providing assistance for farmers when they need it most. It will continue reducing our deficits without gutting the vital assistance programs millions of hardworking Americans count on to help put food on the table for their families. And it will support conservation of valuable lands, spur the development of renewable energy, and incentivize healthier nutrition for all Americans.”
It’s why XTRM Cannabis Ventures’ stock is such a hot buy today.