2018 Farm Bill
In a landslide vote of 386-47, Congress voted to pass the final 2018 Farm Bill. This will undoubtedly change our lives as we know it. The future of many industries became brighter because of it.
2018 Farm Bill
The 2018 Farm Bill included a number of different topics including food stamps, farming subsidies, and other controversial topics. The Farm Bill has been in the works for years now and finally removes industrial hemp from the federal government’s list of controlled substances. This makes it a lawful agricultural commodity and clears the way for rapid industrial growth. One of the primary variables for the passing of the 2018 Farm Bill is trade tensions between the United States and China.
The majority share of the current $800 million dollar hemp industry is predicated around Cannabidiol (CBD). Products containing the CBD compound are used for a wide range of medical conditions. These medical conditions range from epilepsy and multiple sclerosis to arthritis and chronic pain. Industrial hemp programs in the United States have been limited to mostly pilot programs. These programs lack major funding due to previous legal restrictions. China, Canada, and other foreign countries helped fill demand of CBD in the U.S. but now that will change.
Why Was Hemp Illegal?
Hemp was illegal for many years in the U.S. because of its relationship to marijuana. Both hemp and marijuana are cannabis. The major difference is that marijuana produces the THC compound. THC makes you feel ‘high’ when smoked or ingested. Hemp products containing the CBD compound have less than 0.3% THC. This means that CBD does not have a psychoactive effect on the user. CBD does not make you feel ‘high.’ The federal government mismanaged hemp’s potential in industry when it categorized hemp with marijuana. The truth is that hemp should never have been placed in the same category as marijuana. Even though they are both considered cannabis, hemp and marijuana are very different.
Tobacco Farms to Hemp Farms
Something very interesting is happening in the tobacco states of the nation. With the growing popularity of vape pens, Big Tobacco is learning they don’t need as many tobacco farms as they used to. There simply isn’t as much demand for traditional cigarettes are there used to be. This is a wonderful thing. Not just because of the health risks. Hemp farmers are buying up the land and planting hemp. States like Kentucky are now on the cutting edge of the hemp revolution. More states swapping crops from tobacco to hemp will more than likely reap huge benefits long term.