Congress just passed legalization of Hemp and CBD [updated]

could spark a boom for the billion dollar industry

December 17, 2018
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As Marijuana and the nearly identical hemp continue to be granted legalization state by state. Federally, there has not been much progress, until last week when congress there latest US Farm Bill. Thanks to the US Farm Bill, which the House passed on Wednesday in a 369 to 47 vote, American farmers will be able to plant and harvest hemp, a strain of the same plant species from which marijuana originates. The bill passed the Senate Tuesday in an 87 to 13 vote, and President Donald Trump has indicated his support.

The bill is a major shift in decades of drug law, defining hemp on its own and not as marijuana and subject to drug laws making it illegal.

Hemp legalization has been a longtime goal of Senate Majority Leader Mitch McConnell, a Republican from Kentucky, who believes it can help replace tobacco as a key crop for his state's farmers. 

The already 1 billion dollar CBD industry, which can be sourced from both marijuana and hemp now has a path to become a fully legal crop in the U.S. marketplace. 

"The devil is in the details, and we don't know yet how the DEA will act to implement the law," Daniele Piomelli, the director of the University of California at Irvine Center for the Study of Cannabis and a professor of neuroscience and pharmacology, told Business Insider.

 

[update] The President, as expected has signed the bill into law and Senat Majority leader Mitch McConnell inserted language from his Hemp Farming Act of 2018 into the Farm Bill to federally legalize the cultivation and sale of industrial hemp, which is defined as cannabis that contains less than 0.3-percent THC.