What The 2018 US Farm Bill Means For CBD
In a rare moment of non-partisan politics, the House, the Senate, and the White House passed and signed into law the 2018 US Farm Bill. But what does it all mean? And how does this bill affect CBD?
Well, the biggest win for CBD is that hemp is no longer regulated under the Controlled Substances Act (CSA), making it an official agricultural commodity and further differentiating it from its distant cousin, marijuana. This change dramatically affects industrial hemp farmers across the country who need all the help they can get. It also helps out retailers of CBD products across the country who have been hand-cuffed by antiquarian and uneducated laws.
Hemp has been redefined to include its “extracts, cannabinoids and derivatives,” meaning that hemp-derived cannabidiol (CBD) is officially on the market. Hemp may now be grown domestically in previously prohibited regions, and farmers can now receive crop insurance and participate in USDA programs for certification and competitive grants. The Drug Enforcement Administration (DEA) can no longer interfere with the transport or commerce of hemp products.
Further, CBD sales are not limited to authorized payment processors. Banks and credit card companies have been enabled to service the industry, and hemp futures may now be publicly traded as a commodity.
Now that hemp can be grown anywhere and publicly exchanged; we can expect CBD prices to lower for consumers and producers. As for the current standing with the Food and Drug Administration (FDA), we can expect them to step in soon and evaluate products.
This legislation is a monumental step in the right direction for not only the hemp industry but for the environment at large. Hemp can now be grown anywhere on US soil, which leads to more significant research and production toward a future of replacing plastics, oils, and other everyday commodities.