After months of anticipation, news broke today that the 2018 Farm Bill has officially been signed by the House and Senate. President Trump’s signature is the final step to solidify the bill, changing the hemp-derived CBD industry overnight. So what is the significance of this bill and what does it mean for consumers, businesses, and farmers? Here is a look at how the 2018 Farm Bill will change the industry for the better.
The Hemp and CBD industry has been waiting for this decision for years. On December 12th, the 2018 Farm Bill was officially signed by the U.S. House and Senate. Here are some of the changes that will affect your ability to get high-quality CBD products from companies like Great Natured.
2018 Farm Bill Eliminates Issues and Confusion Regarding Hemp Products
While the 2014 Farm Bill allowed states to make hemp farming decisions, the federal government still included hemp on the list of controlled substances. The 2018 Farm Bill changes this. With federal restrictions removed, hemp will be treated just like any other raw material or agricultural product. Some of the advantages of removing hemp from the controlled substances list are:
● Removes Legal Confusion
Some people still question the legality of hemp and hemp-derived products because the federal government considered it a controlled substance. The new bill clearly separates hemp and marijuana, thus clarifying any potential grey areas. With explicit language now in place, there is no reason to debate or argue the legality of hemp in the US.
● Conducting Business Transactions Will be Easier
In the past, many payment processors and banks have irrationally removed CBD company’s ability to do business, as they questioned the legality of hemp products. With the legal language clarified in the 2018 Farm Bill, hemp vendors will have increased and more reliable access to banking services, third-party processing, and investment opportunities.
● Removing the Stigmas Associated with Hemp Products
Some people still avoid hemp because of the stigmas associated with controlled substances. The 2018 Farm Bill clearly recognizes the legality of hemp products, and we believe people will no longer experience uneasiness when considering CBD for its medicinal properties.
● Hemp Farmers are Now Federally Protected
Although each state has different laws regarding the hemp crop, hemp farmers cannot apply for federal crop insurance because hemp is still not considered an agricultural crop. As the Bill’s lawmakers reclassify hemp as an agricultural commodity, lost revenue caused by declining prices or natural disasters will no longer have the ability to cripple the investments of hemp farmers
● More CBD Research for Hemp-Derived Products
Cannabis extracts like CBD are one of the many potentially beneficial cannabinoids found in Hemp CBD. Without a noticeable amount of THC, CBD oils provide all the wellness benefits and potential health boosts as marijuana without the “high” associated with THC. Prior to this Farm Bill, researchers had a difficult time obtaining funding for hemp oil research. By removing these federal restrictions, researchers can access to federally-funded research programs and further study the potential medicinal benefits of hemp oil.
Federal Legalization Gives an Economic Boost
As a member of the hemp community, we believe that the signing of the 2018 Farm Bill will bring the US economy many benefits. As more hemp is produced in the USA, industries will no longer be required to import hemp from other countries. We will welcome more hemp farmers, manufacturers of hemp products, business investors, and customers to our growing community.
By 2022, analysts expect Hemp products to grow into a 22 billion dollar industry
Great Natured considers it our mission to inform the public about the differences between marijuana and hemp, and the many potential life-changing benefits of CBD oil. With the passing of the 2018 Farm Bill, we ask our followers to help educate friends and family.
The History of Federal Control of Hemp Products
Hemp cultivation was not always surrounded by controversy. Once an agricultural staple, hemp seeds, and strong, durable hemp fibers, were the basis for numerous products. Settlers of the early Americas used hemp to make cloth, construct buildings, and provide paper, rope, and canvas. During colonial times, several colonies used hemp as legal tender and the plant was relied upon for economic stability.
Cannabis plants were legal until the 1937 Marijuana Tax Act was enacted. Hemp first became entangled in the confusion during the government’s efforts to discourage marijuana use. Some historians believe government campaigns intentionally aimed to blur the lines between hemp and marijuana. Some believe hemp‘s possibility as a competing fuel option was the motivation behind the demonization of hemp plants by some lawmakers. Hemp farmers were subjected to heavy taxation which made hemp farming less profitable and much less sustainable.
For a time, the Controlled Substance Act of 1970 controlled hemp’s fate. When the federal government classified cannabis as a schedule 1 drug, considering it as a substance with no medical use whatsoever, the act covered hemp-derived cannabis, not just marijuana. It immediately became illegal to grow hemp domestically without the consent of the DEA.
The Agricultural Act of 2014 and Its Importance
For a long time, hemp and marijuana were considered legally identical. To the US government, cannabis was cannabis, whether it got you high or not. The 2014 Farm Bill was a huge development for the hemp industry as a whole. Until the monumental passing of this legislation, the United States disallowed hemp cultivation, requiring manufacturers to rely on imported hemp from Europe, Canada, and China. Finally, this bill clarified the legal differentiation between hemp and marijuana based on the THC levels present in the plant. THC in cannabis is responsible for mind-altering effects of marijuana. With the Agricultural Act of 2014 the following rules were set:
- The Agricultural Act of 2014 defined ‘hemp’ as a cannabis plant containing 0.3 percent THC or less. For reference, marijuana contains 5-30% THC. According to this definition, if a crop is grown containing more than 0.3 percent THC, it is considered marijuana, a controlled substance
- This most recently enacted Farm Bill of 2018 creates opportunities for hemp cultivation by setting the parameters for hemp pilot programs. Now, hemp crop legality is left to the discretion of each state. Once Hemp farming has been approved by a state, potential hemp farmers can apply for approval with their state’s department of agriculture.
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Company Name: Great Natured
Contact Person: Ross Lewin
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Phone: (410) 440-2385
Address:6609 Swing Court
City: Clarksville
State: Maryland 21029
Country: United States
Website: https://greatnatured.com/