It’s official, the era of hemp prohibition is over.
Today, President Trump has signed the 2018 Farm Bill! Famers are now able to farm hemp across the United States legally. This is amazing news for the cannabis industry in the United States.
2018 Farm Bill Passed
The 2018 Farm Bill was passed by the US House and Senate last week. Today, President Trump addressed and signed the legislation at the White House—and he did it live.
The US President called the passing of the bill a “bipartisan success.” This is because both the Republicans and Democrats worked together on the bill almost flawlessly, which is not something that often happens in Washington.
What will the new law do?
- Redefines Hemp to include its “extracts, cannabinoids and derivatives,” Congress explicitly has removed popular hemp products — such as hemp-derived cannabidiol (CBD) — from the purview of the CSA. Accordingly, the Drug Enforcement Administration no longer has any possible claim to interfere with the interstate commerce of hemp products.
- Provide companies with access to regulated institutions like banks, merchant services, credit card companies, e-commerce sites and advertising platforms. Let’s see if Google and Facebook jump on board of the CBD hype-train.
- Hemp farmers now may finally access needed crop insurance and can fully participate in USDA programs for certification and competitive grants.
- State and local governments may impose separate restrictions or requirements on hemp growth and the sale of hemp products – however, they cannot interfere with the interstate transport of hemp or hemp products. We are hopeful that local and state officials will follow Congress’ lead, as well as the statements and resolutions of the World Health Organization and the U.S. Food and Drug Administration (FDA) that declare, after intense scientific scrutiny, that CBD is safe, non-toxic, and non-addictive.
- The FDA continues to exercise jurisdiction over the regulation of ingestible and topical hemp products.
Is CBD Legal Now?
Not all CBD products are automatically legal but, the bill places industrial hemp — which is defined as a cannabis plant with under 0.3% of tetrahydrocannabinol, or THC — under the supervision of the Agriculture Department and removes CBD from the purview of the Controlled Substances Act, which covers cannabis. Therefore, CBD products are legal as long as they are derived from hemp (and not cannabis).