Forbes Magazine –
The 2018 Farm Bill will radically overhaul America’s relation to hemp and could unleash a hemp renaissance in the coming years that will close the gap between the U.S. and China. As a Schedule 1 substance alongside marijuana, hemp farmers and entrepreneurs in the U.S. have faced many barriers to doing business. Interstate commerce for hemp products was almost non-existent and financing was difficult to come by. But all that is set to change.
According to the American Agriculturist, the 2018 Farm Bill will allow hemp to be regulated by the USDA, including the labeling of American-grown hemp as certified organic; interstate hemp commerce will be legalized; financing and research opportunities will open up; hemp farmers will be guaranteed water rights; the definition of hemp will be altered to make it a non-drug commodity.
Hemp has hundreds of uses, many of which are yet to be discovered or fully realized thanks to the lack of available research funds. From textiles and plastics to livestock feed and home cooking, hemp has many applications that can reduce our dependence both on other countries and fossil fuels. Driven by explosive growth in hemp-based consumer products, the global hemp market is expected to jump to $10.6 billion by 2025. Everything from our vodka to our cars is waiting to be reimagined in the future with legal hemp. Many people won’t even realize how much their lives are affected by cannabis-based products.
One of the most exciting applications of hemp lies in the extracted cannabinoids or CBD oil. According to the Washington Post, “dozens of studies have found evidence that the compound can treat epilepsy as well as a range of other illnesses, including anxiety, schizophrenia, heart disease, and cancer.” With the legalization of hemp, CBD can be regulated and researched much more than before to truly understand the medical efficacy for a wide range of diseases.
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