We are in a moment in history, the House of Representatives and the Senate have both passed a version of the 2018 Farm Bill that legalizes Hemp and Hemp derivatives. This movement gained momentum on April 12 when Mitch McConnell, the Republican Senate Majority Leader, introduced a bill which will legalize hemp and hemp derived products. The bill’s language is incorporated into the 2018 Farm Act, and if passed, will deschedule Hemp and exclude hemp from the definition of Marijuana provided the delta-9 THC is below .3% on a dry weight basis.
“(1) HEMP.—The term ‘hemp’ means the plant Cannabis sativa L. and any part of that plant, including the seeds thereof and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a delta-9 tetrahydrocannabinol concentration of not more than 0.3 percent on a dry weight basis.” -2018 Farm Bill
This change in legislation will create an economic boom for processors and retailers, driving demand for Hemp and CBD through the roof. Farms who are already licensed and ready through state programs will see an immediate boost in demand for their products, which you can explore on Kushmarketplace.com/hemp.
On June 21, 2018, the House of Representatives narrowly passed the Farm Bill 213-211. On June 28th, the Senate easily passed their version of the 2018 Farm Bill 86-11. Both versions of the bill contain language to legalize Hemp. However, there is a disagreement surrounding the SNAP benefits AKA food stamps. The House version of the bill will cut food stamp benefits for a substantial number of impoverished citizens, the Senate bill will not.
Legalizing Hemp – What happens now?
A joint committee comprised of representatives from both the house and senate will be established. The goal of this “conference” is to find a compromise, and a new version must be established to bill to continue. Once a compromise is found, the bill goes back to vote. Assuming this version of the bill passes both the house and senate, president Trump will likely sign this bill into law.
Legalizing hemp will have a tremendous impact on the US agricultural industry, and we have the opportunity to make this shift very quickly. The timing couldn’t be better as the global economy focuses on the economic and trade opportunities with in hemp and marijuana. At the moment, the United States policy is antiquated and needs this face lift.
The current Farm Bill is set to expire on September 30th, 2018. We are going to see movement on this bill, and I am confident this will open up a world of new opportunity for Hemp.