This is HUGE News for the Hemp Industry!
The doors were just blown WIDE OPEN!!
It's a WIN! The 2018 Farm Bill
“The era of hemp prohibition is OVER.”
Late in the evening of December 10, 2018, the 2018 Farm Bill House/Senate Conference Committee released its Conference Report. The 807-page document is nearly half a foot tall. Hemp is discussed in only a few handfuls of pages.
But the impact on the industry is monumental:
• The era of hemp prohibition is over. Hemp is now permanently removed from the Controlled Substances Act (CSA). It is forever deemed an agricultural commodity, no longer mistaken as a controlled substance, like marijuana.
• By redefining hemp to include its “extracts, cannabinoids and derivatives,” Congress explicitly has removed popular hemp products -- such as hemp-derived cannabidiol (CBD) -- from the purview of the CSA. Accordingly, the Drug Enforcement Administration no longer has any possible claim to interfere with the interstate commerce of hemp products. This should give comfort to federally regulated institutions -- banks, merchant services, credit card companies, e-commerce sites and advertising platforms -- to conduct commerce with the hemp and hemp product industry.
Learn more here: https://hempsupporter.com/
"Hemp Business Journal estimates the total retail value of all hemp products sold in the U.S. to be at least $688 million for 2016. We estimate the hemp industry will grow to $1.8 billion in sales by 2020, led by hemp food, body care, and CBD-based products."
Report by Hemp Business Journal, full article available here.
(Hemp Business Journal is the leader in hemp industry news, data and market intelligence.)
Newly Proposed Hemp Farming Act of 2018 Throws the Legal Doors Wide Open for Industrial Hemp and CBD in the U.S.
By Jennifer Grebow Author for Nutritional Outlook
Apr 13, 2018
Updated April 16, 2018, 1:53 PST, with quote from CV Sciences:
The new Hemp Farming Act of 2018 officially debuted on the Senate floor yesterday. On April 12, Senate Majority Leader Mitch McConnell (R-KY) introduced the bipartisan bill that would, if passed, see industrial hemp regulated as an agricultural crop and remove it from Schedule I of the Controlled Substances Act.