Hemp Legalization – New Farm Bill of 2018 Becomes a Game-Changer for the Cannabis Industry

On Thursday December 20, President Donald Trump signed the US Farm Bill into law, making Hemp a federally legal crop in all 50 American states.

US Agriculture Secretary Sonny Perdue stated the bill, “…is a very stable bill for agriculture and for the consumers, as well.” The Farm Bill legalizes hemp, a plant of the same species as marijuana with the key difference that it contains only .03% THC and has no psychoactive effects, but is the main source of the highly promoted wellness ingredient CBD which is also highly available in marijuana.

The new law defines hemp as an, “agricultural product” for the first time and amends a major drug law that hadn’t been altered in 50 years, taking it off the Schedule 1 prohibited “controlled substance” illegal drug list.

Experts have stated the shift in legal wording will lead to a complete legalization of CBD, which is also the active ingredient in the first cannabis-based medicine to gain federal approval in the US. Ironically, full spectrum CBD extracted pure from Hemp plants still has a dubious legal status even though it is currently a $1 Billion dollar a year industry. This is bound to increase exponentially as CBD comes ever closer to full legalization itself.

Courtesy of the new Farm Bill, American farmers will now be able to plant and harvest hemp, a strain of the same plant species as marijuana. According to Senate Majority Leader Mitch McConnell, a Republican from Kentucky, legal hemp will become a significant boost to the US economy because it will replace tobacco as a key crop in all states that profited exceptionally well from tobacco before tobacco became a scientifically proven cause of lung cancer.

This means farmers and researchers of hemp now get some of the same benefits as farmers and researchers of other crops, like the ability to apply for banking, insurance and federal grants. In itself, “The new Farm Bill”, according to Caroline Kelly of CNN, “will now be worth $867 Billion to American farmers.”

Called a, “cultural shift” and a, “major milestone” for the Cannabis industry, which produces therapeutic cannabidiol (CBD), fabric, rope and even ethanol, the new Farm Bill’s legalization of hemp is set trigger an explosion new of investment. In fabrics alone, hemp will revolutionize the work-wear industry as it is many more times durable than cotton and synthetics. During the gold rush of the 1800’s the original Levis were made of 100% hemp before it was declared illegal by the US government in the early 1930’s.

“This is a cultural shift,” said Bomi Joseph, creator of CBD product ImmunAG. “CBD is going to explode. I think the market is going to triple in size.” When it comes to CBD alone,”The FDA could allow it to be regulated as food and dietary supplements,” said Shawn Hauser of the Colorado law firm Vicente Sederberg, which worked on the hemp legislation. Food and dietary supplements are already a multi-billion dollar a year industry!

If you’re ready to capitalize on the new Hemp gold rush boom and need solid protection against your investment, Cover Cannabis Hemp Insurance is here for you.