Breaking News: Industrial Hemp is now 100% Legal!
Congress Approves Bill to Make CBD Federally Legal
As of Wednesday, December 12th, the US Congress approved the legalization of a large-scale hemp cultivation and its removal from the list of controlled substances which also allows researchers to apply for federal grants and making hemp eligible for crop insurance.
“This is the culmination of a lot of work by a number of us here in Washington, but really the victory is for the growers, processors, manufacturers, and consumers who stand to benefit from this growing marketplace,” Senate Majority Leader – Mitch McConnell said.
CBD & The Future – Let The People CBD!
The hemp-derived CBD boom is set to ignite which will indeed help millions of people who have had trouble getting access to it.
Just five years ago, the 2014 Farm Bill ended hemp prohibition but only allowing a small number of farmers in certain states to grow limited crops for research purposes.
This year, 77,000 acres were planted but that number will skyrocket next year when almost all federal impediments are non-existent, and regulation will be left to individual states.
The House of Representatives adopted a major law on agriculture by a clear majority vote (369-47) after pleasantly passed by the Senate (87-13) the day before.
President Donald Trump has not yet signed the law.
“I’ll be happy to loan him my hemp pen for the occasion,” said McConnell.
“This is the culmination of a lot of work by a number of us here in Washington, but the victory is for the growers, processors, manufacturers, and consumers who stand to benefit from this growing marketplace,” said McConnell.
If Democrats and Republicans can support the same thing, it’s definitely something good!
CBD Business – A Bubble In The Making.
According to Hemp Business Journal, in 2017, an estimated $820 million in combined retail sales from all hemp products with a hefty 23% from hemp-derived CBD.
The CBD market is already growing faster than the legal weed market, and with hemp cultivation now legal, this number isn’t just a pipe dream.
Like most American farmers, Colin Peterson, a Democratic representative & ranking member of the House Agricultural Committee from Minnesota, is considering growing a hemp farm of his own.
“I may grow some hemp on my farm,” he said. “I’m looking at it. There’s a big market for this stuff that we’ve been ceding to Canada and other places.”
With a profit margin much more significant than corn, this will also encourage struggling farmers and their families.
What About The Ones Who’ve Kept Hemp Alive All These Years?
Former California state senator Mark Leno carried that torch for two decades, including by authoring a 2014 law creating a statutory framework for farmers to grow hemp in the state, though one that would only become active once the federal government gave its blessing.
Now that the day he’s been waiting for has finally arrived, Leno says he’s excited to see if hemp really can save the world.
“Legalizing hemp farming will bring profound fiscal and environmental benefits,” he tells Leafly. “I’m certain that thousands or tens of thousands of American jobs will be created by this new industry, which will also bring in significant tax revenue. From hemp, we can produce food, clothing, shelter, paper, fuel, and medicine—all made from a miracle plant that can be grown with far, far less pesticides and water usage than corn. When it comes to how that will affect society and the planet, I don’t think the word transformative is an overstatement.”
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