The Impact Of The 2018 Hemp Farm Bill On The United States
Federal regulation of CBD is already opening up new doors for the hemp industry. Statutes in the bill are allowing people to navigate the hemp industry more freely without fearing any legal consequences that would have previously landed them in trouble.
Some of the most important key points from the Farm Bill that makes hemp more accessible include:
Legalization of hemp by removing it from the federal list of controlled substances.
Interstate commerce of hemp and hemp-derived products is permitted.
Investments allowed in the hemp industry.
Banks and credit card companies are now allowed to service hemp businesses.
Farmers are allowed to buy crop insurance for hemp.
Improvements in programs researching hemp for its medicinal and nutritional properties.
What Does the Farm Bill Mean for the CBD Industry?
The future of cannabidiol products is so promising that CBD has branched out into its own industry in the last few years. By facilitating the extraction of CBD and manufacturing of CBD products the legalization of hemp has the potential to pour millions into the economy especially the agricultural sector.
In fact, many tobacco farmers are turning to hemp because tobacco is not as lucrative as it once was, and hemp can grow in the same conditions in which tobacco is cultivated.
By legalizing hemp, the bill is also making the CBD industry more transparent for consumers who have been confused by tricky and contradictory legal jargon in the past. The bill will also create more competition in the industry, eventually leading to more options and better-quality CBD products.
Most importantly, the bill is helping to eliminate fear which often deterred potential consumers from participating in the industry due to previous legal uncertainties.
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