It’s 2024. The U.S. House and Senate agriculture committees should have drafted a new federal Farm Bill, but the Senate voted to pass an extension of the 2018 Farm Bill. The bill extends the new farm bill through September 20242.
The upcoming bill will impact food, farm, conservation, and nutrition programs for the next five years. This omnibus law now reaches far beyond crop support and has programs addressing wildlife habitat, climate change, while running the nation’s largest federal nutrition program.
Former Sen. Saxby Chambliss, who worked on the last farm bill, mentioned that these bills affect food prices, availability, global trade, and renewable fuels. The current farm bill WILL expire in September 2024, so lawmakers and advocacy groups are already preparing for the new bill. We sincerely hope the extra time will allow for them to include hot topics from coast to coast.
The Updated 2024 Farm Bill has several policy priorities. Some of these priorities include increasing baseline for farm bill program spending, maintaining a unified farm bill which keeps nutrition programs and farm programs together, prioritizing risk management tools and funding for both federal crop insurance and commodity programs, and ensuring adequate USDA staffing capacity and technical assistance.
The 2018 Farm Bill significantly changed the legal landscape for hemp in the United States. It removed it from the list of controlled substances and categorized it as an agricultural commodity. This allowed for the cultivation, production, and sale of hemp and hemp-derived products, including CBD, under specific regulations. Since then, the hemp industry has flourished all over the country. The production of hemp-derived CBD became legal at the federal level, as long as it contains no more than 0.3% THC. However, individual states have the authority to regulate or ban CBD within their borders. It is safe for us to presume that the 2024 Farm Bill may include legislation about hemp as there are issues that need to be resolved in order to improve the sector. One of these issues is the FDA’s position on CBD. .
The 2024 Farm Bill is very likely to include several provisions that relate to hemp and cannabinoids. The current dividing line between hemp and marijuana is 0.3% THC. The 2024 Farm Bill may increase the allowable THC amount to 1%1. Lawmakers, stakeholders, and witnesses have highlighted reforms they aim to include in the 2023 Farm Bill in order to reshape and improve the hemp industry2. The bill could change the game for THC products3.
In conclusion, the 2024 Farm Bill is still being drafted, and its impact on hemp, CBD, and marijuana remains to be seen. As the cannabis industry evolves, it is crucial for businesses to stay informed about legal developments and adapt accordingly. Companies like Cover Cannabis can provide valuable support and protection for cannabis-related enterprises as they navigate the complexities of this rapidly growing market.
As the legal landscape surrounding hemp and marijuana continues to evolve, businesses operating in these sectors need comprehensive insurance coverage that accounts for the unique risks and challenges they face. Here at Cover Cannabis, we offer tailored insurance solutions for hemp and marijuana-related businesses, including cultivators, processors, manufacturers, dispensaries, and ancillary service providers. Our services are designed to protect businesses from financial losses that may result from property damage, liability claims, product recalls, and other unforeseen events. With our expertise and understanding of the cannabis industry, Cover Cannabis can help businesses navigate the ever-changing regulatory landscape and ensure they are adequately protected. Contact Us for a Free Quote or Give us a Call.
Hemp and marijuana both come from the Cannabis sativa plant, but they have distinct differences. Hemp contains less than 0.3% THC, the psychoactive compound responsible for the “high” associated with marijuana. Because of its low THC content, hemp is considered non-intoxicating and has been legalized for agricultural and industrial purposes.
Hemp farms cultivate Cannabis sativa plants containing less than 0.3% THC for industrial and agricultural purposes, such as producing fiber, oil, and CBD. Marijuana farms grow Cannabis sativa plants with higher THC content for recreational or medicinal use.
The USDA’s final rule for hemp production, published on January 19, 2021, establishes a regulatory framework for hemp cultivation, including licensing, testing, disposal of non-compliant plants, and recordkeeping requirements.
Cover Cannabis is a company specializing in reliable, discreet, and professional cannabis insurance services for cannabis-related enterprises. Our team comprises seasoned insurance professionals with experience in underwriting and claims management. As the legal landscape surrounding hemp and marijuana continues to evolve, businesses operating in these sectors need comprehensive insurance coverage that accounts for the unique risks and challenges they face.