American politics put aside partisanship this month when sitting President Donald Trump signed the 2018 Farm Bill. In it, all low-THC cannabis (industrial hemp) has been de-scheduled federally. This includes the plant in whole as well as any products derived from it.
- Hemp Fiber
- Hemp Oil
- Hemp Seeds
- Cannabinoid Extracts and Concentrates
In addition to these changes to regulation, the bill has made water rights and agricultural grants available to farmers. A huge change is the ability of banks to be accessible by farmers and sellers of hemp-derived products.
The bill was actually spear-headed by Kentuck Senator Mitch McConnell and backed by Oregon Senators Ron Wyden and Jeff Merkley. The facts actually line up pretty well with U.S. interests in fact. Before now, nearly all hemp-derived products sold in the U.S. had to be sourced from outside the country. This means that now, the United States does not have to outsource the products.
Why was it made Illegal?
Hemp was notoriously put under the cannabis Schedule 1 umbrella in the 1970’s under President Nixon. It was actually under fire since the 1930’s for political reasons stemming from racist undertones. When the plant was scheduled level 1, it was banned from all use medically and industrially. This included funding for research into its benefits for health and economy.
Why was it just Legalized?
We have so much more knowledge and scientific research into this valuable commodity now. Many farmers who have left the industry due to subsistence farming and competitive practices can now re-enter the market by farming hemp.
Due to the broad applications for the plant, the upper limitation for production is tough to call. However, estimates place the upcoming industry somewhere between $2.3 billion to $23 billion per year by the 2020’s.
What does this mean for me?
The sky’s the limit! Just like any newly formed (or re-formed) industry, it’s going to be a serious boon for many people. Here’s a short list of the changes and benefits of this new legislation:
- Farmers will have a meaningful and profitable new productive crop
- Consumers and patients get unbridled access to cbd and hemp extracts
- New cbd hemp businesses will grow from newly available government and banking
- The U.S. will compete on the world stage for hemp commodities and raise GDP
As you can see, the benefits to this monumental achievement for humanity simply cannot be understated. This is good science and common sense steering politics bipartisanly. It is no surprise at all then, that this bill passed. Hemp is now federally legal!
The CBD55 Team