Mar 20 , 2019
US Farm Bill Will Make CBD Production Legal And Cheaper By Forbes Contributor Juile Weed
The Agriculture Improvement Act of 2018 that overwhelmingly passed in the U.S. Senate has now become law. For hemp growers and CBD-Product manufactures the big news is hemp will no longer be equated under drug laws with its psychotropic cousin, marijuana. Industry-watchers wonder what this step could mean for future cannabis legalization.
Under the new laws, hemp will be managed by Department of Agriculture as a crop rather than by the Justice Department as an illegal substance.
Here are a few key Farm Bill points that from the Hoban Law Group’s Senior Attorney
- Banks and payment processors/credit card companies can service the hemp industry
- Investment and capital infusion is allowed in both the oil and fibrous hemp businesses
- Convicted felons can join the industry 10 years after the bill passes
- Hemp farmers will be allowed to buy crop insurance for the first time
- Hemp futures can be traded for the first time, locking in prices for farmers
- Help research will be allowed for pharmaceutical uses as well as for health, wellness and general nutrition, opening the doors for much more testing