Senator Mitch McConnell (R-KY), who has been advocating legalizing hemp for a while, recently said that the provisions lifting the prohibition on hemp will be a part of the 2018 Farm Bill.
“If there’s a Farm Bill, it’ll be in there. I guarantee that,” Mr. McConnell told reporters. “I don’t want to overstate this – I don’t know if it’s going to be the next tobacco or not – but I do think it has a lot of potential. And as all of you already know, in terms of food and medicine but also car parts. I mean, it’s an extraordinary plant.”
The provisions aim to legalize hemp and remove it from the federal list of controlled substances in the United States (US). They also propose to allow hemp to be sold as an agricultural commodity.
The bill is currently under consideration by the conference committee. They are expected to pass the bill before the year ends.
Many states have already legalized hemp, but it is yet to be approved on a federal level.
An Entrepreneur article titled Hemp Is the Multibillion-Dollar Cannabis Opportunity Few Have Heard About reports that the US is currently importing hemp products worth roughly $100 million each year.
The legalization of hemp means changes on many levels; it will push the development and use of hemp-derived cannabidiol (CBD) products. It will also create jobs and push economic growth.
CBD is a compound of cannabis that doesn’t cause any intoxication but can provide all its benefits. The products are gaining popularity in the US, Canada, and Europe.
Analysts believe that CBD has immense potential to disrupt the market in the near future. The Hemp Business Journal predicts that the market for CBD products would grow to $2.1 billion by 2020.