Now that President Trump has signed the 2018 Farm bill, here is our quick takeaway and what it means for the community.
The 2018 Farm Bill officially reclassifies hemp for commercial uses after decades of statutes and legal enforcement confusing the distinction between marijuana and hemp.
The Farm Bill individualizes between the two by removing hemp from the Controlled Substances Act.
This would finally move regulation and enforcement of hemp from the control of the Drug Enforcement Agency to the U.S. Department of Agriculture.
President Trump’s trade wars are hurting farmers to the sum of billions of dollars.
The U.S. imports approximately $60 million worth of hemp from overseas countries like China.
By legalizing hemp, the U.S. can reduce its import and bring the cost down to the consumers.
Hemp compared with other agricultural products such as corn, cotton, and soybeans requires little water and isn’t picky when it comes to poor soil.
Hemp also boasts a deep, soil-aerating root system.
According to Forbes, China produces 50% of the world’s Cannabis supply, with a large majority of that supply being the THC-lacking hemp variety; this gives China “massive economic potential” which “poses a threat to cannabis interests around the world and particularly in the U.S. market.”
The 2018 Farm Bill states that hemp to be regulated by the USDA, labeling of American-grown hemp as certified organic.
Interstate hemp commerce will be legalized, financing and research opportunities will open up, and hemp farmers will be guaranteed water rights.
The definition of hemp will be changed to make it a non-drug commodity.
The Farm Bill will allow farmers to catch up and bring a new agricultural rejuvenation that our country truly needs.