Farm Bill sets the stage for the CBD boom
The $876 billion Farm Bill gives details about every aspect of farming and market funding for the next 10 years. Besides, it also legalizes the hemp industry, bringing hemp-derived products to the forefront.
It means that, soon enough, you will see more CBD-infused products in retail shops. They include food, oils, cosmetics, supplements, and other drinks. In fact, Brightfield Group estimates the CBD industry will reach $22 billion by 2022. Now that’s a lot.
Jonathan Miller — the legal counsel of the U.S. Hemp Roundtable, a group of 60 CBD producers — believes that the bill will allow companies to legally transport hemp, including CBD, and other extracts, across all the 50 state lines without any question of legality looming overhead.
That’s because the hemp was previously classified as a ‘Schedule I’ controlled substance. Farmers could only grow CBD with a license under certain state research programs.
But the times have clearly changed now. According to researchers, CBD has the potential to offer many medical benefits. Most significantly, it was able to cure the life-threatening seizures experienced by infants. Studies have found that CBD has an anti-inflammatory property which can help with arthritis and pains. It could also help relieve stress and anxiety, among other conditions.
For people like K. C. Ferrill, 64, of Pendleton, IN, using CBD has been a life-changing experience. It allowed him to drop the antidepressants that he took for almost 25 years to battle his anxiety.
Even after that, consumers weren’t sure whether the products were legal or they were breaking the law when buying them.
But with the federal government legalizing its use, they may now feel more secure about buying it.
What Is Hemp, Exactly?
The bill spells out a clear definition. Industrial hemp is a type of cannabis, having 0.3 percent or less of tetrahydrocannabinol, or THC, It makes CBD the non- psychoactive compound, which means it won’t make people feel high, unlike marijuana.
Hemp has a very twisted history in the U.S. It has been often confused with marijuana and was thus banned as a crop in 1937. But hemp can be used to produce thousands of consumer goods, including paper, fiber, textiles, rope, and even biofuel.
How Will Hemp Help Farmers Grow Their Business?
For many farmers, tobacco was a major cash crop. But after a major decline in cigarette smoking in the U.S. and abroad, the demand for and the value of tobacco took a fall.
At the same time, U.S. farmers had also suffered from the trade war with China. There saw a decline in the import of agricultural products.
The licensed producers who were allowed to grow industrial hemp as part of a state agricultural department pilot program saw that an average production earned profits similar to those of tobacco crop.
But it involved high risk. There was no insurance policy to protect crops against poor and unpredictable weather conditions.
With the passage of the bill, farmers can breathe a sigh of relief. The bill allows farmers to get low-interest loans, crop insurance, and other federal and state benefits to help them grow and sell it.
CBD Will Still Face FDA Scrutiny
Miller — General Counsel for the U.S. Hemp Roundtable — says that even with the clearance of the bill, CBD may still see some legal obstacles for the safety purpose and effectiveness.
The Federal Food, Drug, and Cosmetics Act still have the power to control the use of compounds from the cannabis plant, including CBD.
Other than that, the manufacturers of hemp-derived products are really looking forward to having their products like CBD Oil kept on the store shelves.