The US 2014 Farm Bill introduced the CBD industry to a great boom. Barely four years after hemp legalization in Kentucky, hemp products recorded over 16 million USD in product sales. Kentucky’s regulatory framework set an enviable blueprint that hinted at the world’s readiness to welcome legal CBD fully. Considering hemp’s contribution to [primarily] the US economy, Congress and Trump signed the 2018 Farm Bill into law. The new legislation also called the Agricultural Improvement ACT, decriminalized the production and use of hemp under federally.
What Does the Farm Bill Mean for Farmers?
Before 2014 Farm Bill, hemp products were majorly sourced from China. In fact, Asians accounted for over 70% share of the hemp market. With the ban lift on hemp, American farmers can now explore and exploit the billion-dollar niche.
Plus, the bill grants farmers access to crop insurance against adverse weather conditions and natural disasters.
What’s in It for the Customers?
For instance, China-sourced hemp usually contains contaminants, like heavy metal, absorbed from polluted environments. Such toxins reduce the potency and purity of hemp products and, too often, leave users sick. When transporting – caused by poor handling and storage – hemp’s oxidation level spikes, therefore, damaging chemical compounds, called cannabinoids. Leaving consumers with low-quality end products. Conversely, local supplies, produced by farmers, offer consumers fresher and high-potent top-quality products. Finally, it also allows individuals with drug-related crimes to access jobs within the hemp niche, albeit after ten years of their conviction.
What Does the Farm Bill Mean for Hemp?
With the 2018 Farm Bill, the hemp plant is free from the Justice Department’s ‘shackles’. Now, the Depart of Agriculture oversees hemp’s regulations. Farmers with over .3% THC will not be liable for any federal crime. Instead, manufacturers will be compelled to reduce their product’s THC concentration before introducing into the market.
Hemp’s prohibition in the federal books caused more harm than good. Thankfully, the 2014 Farm Bill was an eye-opener that led the way to Trump’s 2018 Farm Bill. The relatively new bill not only bring massive opportunities to farmers; it produces more products for consumers, particularly for medical purposes. With the present gains, it’s only fair to say the ‘legal calm down’ on hemp was long overdue!