Congress Passed the 2018 Farm Bill, Legalizing Hemp. What’s Next for Cannabis Businesses? - Cannabis Business Times - Eric Sandy & Melissa Schiller:
December 13, 2018 - "Congress federally legalized hemp with the Dec. 12 passage of the 2018 Farm Bill.... The $867 billion agriculture law cleared the Senate Dec. 11 with a 87-13 vote before gaining approval in the House Dec. 12 with a 369-47 vote. The bill has been sent to President Trump, who is expected to sign it into law.
"The Farm Bill removes hemp from the Controlled Substances Act and allows farmers to pursue federal hemp cultivation permits, while individual states can regulate the industry within their borders as they see fit. Already, 40 states have established hemp cultivation 'pilot programs' for industrial and commercial purposes, although the plant has been strictly regulated....
"Hemp cultivation became illegal in the U.S. in 1937, under provisions in the Marihuana Tax Act, which was drafted by prohibitionist Harry Anslinger. In the intervening eight decades, American culture has steadily warmed to the idea of reviving the agricultural commodity and its many commercial uses....
"The legislation will supersede the recently expired 2014 Farm Bill, which had granted states the ability to create those hemp production pilot programs. The manufacture and sale of hemp-derived CBD, however, was strictly regulated and sometimes left out of states’ medical cannabis market frameworks.
"Now, with hemp set to be treated as an agricultural product, the U.S. FDA or state departments of agriculture will provide oversight of the plant’s cultivation....
“'While the Farm Bill presents exciting opportunities for U.S. agriculture and the hemp industry, it is still unclear what the final status of CBD will be,' said Jordan Friedman, CEO and co-founder of Zodaka, a cannabis payment platform.... Hemp is primarily a cheap source of CBD, which [has] become a hot commodity, and the passage of the Farm Bill ensures that people who farm and create products with CBD are protected from prosecution, Joseph said.... More retailers will likely start integrating CBD products into their stores, as well....
"Hemp legalization will also lend support to what is already becoming a multi-billion-dollar American agriculture industry, according to Bruce Perlowin, CEO of Hemp, Inc., a U.S.-based hemp cultivator....
"And cultivating hemp can also help eliminate contaminants in the soil.... Hemp will absorb [pollutants] voraciously, neutralize them and break them down into harmless components."
Read more: https://www.cannabisbusinesstimes.com/article/2018-farm-bill-hemp-cannabis-businesses/
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December 13, 2018 - "Congress federally legalized hemp with the Dec. 12 passage of the 2018 Farm Bill.... The $867 billion agriculture law cleared the Senate Dec. 11 with a 87-13 vote before gaining approval in the House Dec. 12 with a 369-47 vote. The bill has been sent to President Trump, who is expected to sign it into law.
"The Farm Bill removes hemp from the Controlled Substances Act and allows farmers to pursue federal hemp cultivation permits, while individual states can regulate the industry within their borders as they see fit. Already, 40 states have established hemp cultivation 'pilot programs' for industrial and commercial purposes, although the plant has been strictly regulated....
"Hemp cultivation became illegal in the U.S. in 1937, under provisions in the Marihuana Tax Act, which was drafted by prohibitionist Harry Anslinger. In the intervening eight decades, American culture has steadily warmed to the idea of reviving the agricultural commodity and its many commercial uses....
"The legislation will supersede the recently expired 2014 Farm Bill, which had granted states the ability to create those hemp production pilot programs. The manufacture and sale of hemp-derived CBD, however, was strictly regulated and sometimes left out of states’ medical cannabis market frameworks.
"Now, with hemp set to be treated as an agricultural product, the U.S. FDA or state departments of agriculture will provide oversight of the plant’s cultivation....
“'While the Farm Bill presents exciting opportunities for U.S. agriculture and the hemp industry, it is still unclear what the final status of CBD will be,' said Jordan Friedman, CEO and co-founder of Zodaka, a cannabis payment platform.... Hemp is primarily a cheap source of CBD, which [has] become a hot commodity, and the passage of the Farm Bill ensures that people who farm and create products with CBD are protected from prosecution, Joseph said.... More retailers will likely start integrating CBD products into their stores, as well....
"Hemp legalization will also lend support to what is already becoming a multi-billion-dollar American agriculture industry, according to Bruce Perlowin, CEO of Hemp, Inc., a U.S.-based hemp cultivator....
"And cultivating hemp can also help eliminate contaminants in the soil.... Hemp will absorb [pollutants] voraciously, neutralize them and break them down into harmless components."
Read more: https://www.cannabisbusinesstimes.com/article/2018-farm-bill-hemp-cannabis-businesses/
'via Blog this'
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