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WOONSOCKET, R.I. — CBDMEDIC reported that with the impending signing of the 2018 U.S. Farm Bill into law, the industrial hemp farming business will triple in growth.
The company said the passing of the proposed 2018 Farm Bill would eliminate the legal grey area facing the CBD industry by legalizing industrial hemp farming on a federal level. The legalization of Hemp on a federal level will bring more jobs to the U.S. economy as well as the potential of increase in sales in an already-thriving CBD market.
What is Hemp Used for?
Hemp is an impressive plant with its uses ranging from textiles, food, fuel, and health benefits. Additionally, within hemp there are over 113 known cannabinoids or extracts which provide many different health and wellness benefits when used effectively. One example is CBD, a non-psychoactive extract that is being used to treat different types of pain, anxiety and restless sleep.
Watch Alec Burkin Director of business marketing at CBDMEDIC
What will passage of the 2018 Farm Bill mean?
As the bill is currently written, hemp is legal for universities and state departments of agriculture to grow for research purposes. The bill includes a provision, enabling industrial farmers to grow hemp with the approval of the Drug Enforcement Administration.
The 2018 Bill would amend the Controlled Substances Act, which states that CBD derived from hemp is considered a controlled substance. Hemp will be federally legal and thus will allow hemp and help related products to be sold as legal products rather than being monitored as controlled substances. This allows for a more clear distinction between certain extracts which are found in both hemp and marijuana. For example products that contain CBD derived from hemp would be federally legal. Although CBD is legal in all 50 states, the 2018 version of the bill would officially acknowledge the distinction between CBD derived from hemp or marijuana.
The Marijuana Tax Act of 1937
As of August 2nd 1937, there have been regulations put on the sale of Marijuana. Without the distinction between hemp and marijuana both were considered to be a Schedule One Substance at a federal level. As of today, the use of recreational marijuana is permissible in 10 states, with an additional 33 states allowing marijuana for medicinal purposes or having some type of.
Is it the last round for The Farm Bill?
“The agreement will mean we are one step closer to the government’s recognition of the benefits of cannabis, what it can do for the health of the American people, and the economy, we all should keep a close eye on the coming weeks for changes,” the company said.
