2018 Farm Bill Signed Into Law, Hemp and CBD Legalized
As marijuana is increasingly legalized around the country, hemp and CBD are now decriminalized on the federal level.
The 2018 Farm Bill passed the House and Senate and was signed into law on December 20, 2018.
With this bill, both hemp and CBD became legal at the federal level. After years of struggling with various obstacles, both hemp and CBD will be able to thrive in ways that were not before possible.
There will no longer be any question as to whether CBD and hemp are legal or not. With the previous versions of the law, it was somewhat unclear as to whether CBD and hemp could be sold. The 2014 Farm Bill technically made both of these legal, however, it did not remove them from the DEA’s list of scheduled substances.
The 2014 Farm Bill and the DEA list of scheduled substances created a conflict for many companies. While the 2014 Farm Bill technically trumped the DEA list, it still left many people not wanting to take the risk of investing in the burgeoning CBD and hemp markets.
This left many manufacturers facing uncertain circumstances. Some companies could not secure adequate payment processing. Many payment processing companies did not feel secure in working with these CBD and hemp companies because they were unsure about the legality of doing so. Hemp and CBD companies also struggled to secure loans from banks.
With all these roadblocks in their way, many companies suffered and could not grow and expand like they wanted. This stifled competition, research, and innovation.
With the new law passed, these roadblocks are gone. CBD and hemp companies now have the opportunities to grow and expand that were never possible. Major companies like Coca Cola have expressed interest in entering into the world of CBD.
Another major change instigated by the passing of the law is the ability for more research to be conducted. In the past, there were many legal barriers to companies that were looking to conduct research on CBD. With the new law, more companies can begin to research the various products on the market like CBD drops and CBD vape oil.
The future for CBD and hemp looks bright. With more ability to research and innovate, the world may finally gain insight into the real potential of both hemp and CBD.