With all the turmoil in the government these days, both Democrats and Republicans alike came to an agreement to pass the 2018 Farm Bill. About every five years new amendments, revisions, and suspensions to provisions of law are voted on in the U.S. House and Senate before being passed along to the President for approval. The Senate voted and passed the bill 87-13 on Tuesday December 11th passing the bill along to the House who voted 369-47 in favor of the bill on Wednesday December 12th. The Farm Bill now awaits President Trump’s approval. Once signed and officially enacted into law the 2018 Farm Bill would authorize hemp as a supplemental and alternative crop. Federal agencies as well as the state agencies will be able to assess the economic growth of hemp’s production and sales. There are currently 35 States that have legalized commercial hemp, but the passing of the 2018 Farm Bill will allow for hemp’s interstate commerce. Hemp will no longer be a Schedule I drug where it currently sits classified as marijuana, with the likings of hard drugs like heroin. Originally the DEA had announced that hemp with a THC count of.3% or less would drop to a Schedule 5 drug as long as it had FDA approval. With the 2018 Farm Bill the definition of hemp will now include any of its extracts, seeds, acids, salts, and isomers that do not exceed .3% THC by dry weight. This will lead to FDA evaluation of hemp-derived products which include Cannabidiol (CBD). States will be able to control the regulation and cultivation of hemp. We will also see a rise in farming, bringing the agricultural industry a boost as well. Hemp farmers will have access to federal crop insurance and security to invest in hemp cultivation. The 2018 Farm Bill will bring a huge boost to the U.S. economy and the growing hemp industry.
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