CBD Is The New IT Crop And Why
How The 2018 Farm Bill Will Change The Odds?
Updated on June 28, 2022
The 2018 Farm Bill is expected to pass this week and it has an underlying theme of legalizing hemp farming. There has been a decision by all politicians on this issue. As the US Congress seeks to vote for the Farm Bill, it has some provisions that could potentially change how hemp is viewed. Some of the premier provisions include:
- Define industrial hemp as a regular agricultural crop
- Allow hemp growers to buy federally subsidized crop insurance policies
- Clarify the legal status of hemp extracts
- Give the definite status on hemp and its products
The Farm Bill is sponsored by Mitch McConnell who is a majority leader. The US defines hemp as anything that has 0.3% or less THC.
- In 2014, the farm bill opened up for industrial hemp cultivation. The land under hemp cultivation has since then increased as per the US Department of Agriculture records.
- The consumer craze helped drive its demand and growth
- By 2018, it grew to overtake tobacco in some areas like Kentucky where it is almost 90%
- The per area yield of hemp is more so one can milk more money from an average landholding of hemp as compared to any crop say soy.
- Hemp fields are growing while a shrinking is observed in tobacco fields with 5000+ more acres
States With the most Hemp-Planted Land-2018
How 2018 Farm Bill will Grow CBD Industry?
- It will help hemp companies receive more funding and help in the ongoing expansion effort
- It will help the easy provision of equipment to cannabis cultivators
- It will aid help producers in accessing financial services benefits
- It will open banking and traditional capital markets
- It will help farmers gain crop insurance
- It will help make a cleaner shift from tobacco
- It can aid in making CBD industry the largest by 2022
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- Allow hemp growth in all 50 states including production, CBD extraction and making into products
- States can submit their own plans to regulate hemp
- It will allow for inter-state movement of hemp
- It also allows hemp producers to fill agricultural jobs with foreign nationals
- Remove barriers under federal law with respect to intellectual property rights like trademarks and patents
- Requires the USDA to coordinate and consult with US attorney general on all rules regarding hemp