The year 2018 ended in great success for the cannabis industry. In December, President Trump signed the Farm Bill, a major breakthrough for the production and consumption of Hemp CBD products in the United States.
The Farm Bill makes hemp legal in all 50 states, allowing for cultivation and transportation across state borders for commercial purposes. If you are not familiar with hemp, click here to check out our informative article about the subject.
Hemp is an ingredient known in many business sectors, such as clothing, food, and beauty industries. Like marijuana, hemp is derived from the Cannabis Sativa plant. However, to be considered “hemp”, the material in question must not contain more than 0.3% THC; if the material contains more than 0.3% THC, it is considered “marijuana”.
Although Hemp has fewer CBD/THC properties than marijuana itself, cannabinoid extraction from hemp is quite common since its benefits are just as powerful as those found in marijuana. With the emergence of the 2018 Farm Bill, the United States cannabis market will continue to grow and improve.
Long before the 2018 Farm Bill was enacted, all forms of the cannabis plant, including hemp, were classified as a Schedule 1 drug by the Controlled Substance Act. This act stated that hemp could not be cultivated on national lands, which meant that seed oil and hemp fiber manufacturers had to import these subsidies from outside the country. In 2014, the Farm Bill, however, defined a major difference between hemp and cannabis through its THC level, allowing for pilot programs for industrial hemp production. But how will the 2018 Farm Bill impact hemp and its use in the cannabis industry? Read on to find out how the new bill affects you.
Agriculture: Hemp was legalized on a federal scale with its production being recognized by the Farm Service Agency (FSA). Now, farmers can guarantee their right to federal crop insurance, which protects them from income losses caused by natural disasters or prices.
Business: In the past, companies experienced difficulties starting their businesses due to the restrictions created by the government. This reality has now changed for producers and farmers alike thanks to the new ability to invest in credit card processing options, advertising, and banking services.
Science: We know that the cannabis plant has beneficial properties for the human body, however, because hemp was previously classified as a Schedule 1 drug, there were not many conclusive studies conducted on this topic in the past. However, with the 2018 Farm Bill, the government and private companies will now be able to sponsor research programs to further investigate hemp’s properties.
Economy: As it was necessary to import hemp for industrial purposes previously, a major impact on the economy is expected throughout the hemp and CBD sectors thanks to the legalization of hemp cultivation in America. With the increasing number of farmers, investors, companies creating new jobs and products, the hemp industry is on target to become a $20 billion dollar industry by 2022.
Society: With the governments reclassification of hemp as a medicinal plant, a breakdown of paradigms and taboos surrounding hemp’s uses is expected. Many companies, like BAS, are determined to show society how cannabis can heal the world one consumer at a time, and with the passing of the Farm Bill, these efforts will surely become easier.
After many long awaited years, the cannabis industry is finally getting the positive attention it has earned. The exploration of the health benefits of CBD made people more aware of hemp, thus allowing this amount of progress to take place. This is certainly due in part to so many years of research and studies regarding hemp and CBD properties, as well as a result of the people who believed in its potential even when the general population rejected the idea.