City’s hemp company deal paused
Posted on Sunday, 15 May 2016
By peter roper The pueblo chieftain Published: April 13, 2016; Last modified: April 16, 2016 08:05PM
The federal Food and Drug Administration is tightening its oversight of the hemp oil industry and that prompted City Council to approve a four-month “timeout” in its agreement with CBD Biosciences, the new hemp oil venture that is occupying the old Boeing building at Pueblo Memorial Airport.
Council made that decision Monday night. At the request of the Pueblo Economic Development Corp., the city agreed last year to use $7.9 million in city job-creation funds to purchase equipment on behalf of the hemp oil venture, which hopes to employ 163 people in the future.
Like marijuana, hemp is a regulated substance that has widespread acceptance at the state level but is only legal under federal law for research purposes. - See more at: http://www.chieftain.com/mobile/msearch/4647712-123/hemp-oil-fda-products#sthash.rs4wJMP1.dpuf
read more here from the source which requires a subscription to view - http://www.chieftain.com/mobile/msearch/4647712-123/hemp-oil-fda-products