With a push from Senate Majority Leader Mitch McConnell for the past year, Congress just voted to legalize hemp.
Today the U.S. House of Representatives passed the 2018 Farm Bill by a vote of 369 to 47.
There’s only one more step to permanent legalization – the President’s signature – and he has already indicated support of the measure. As soon as he applies his pen to paper, the law takes immediate effect.
We expect some sort of ceremonial bill signing imminently, and we will keep you informed.
So what is this all about really?
As it stands, farmers face several barriers to growing hemp due to federal prohibition — including restricted access to banking (for those selling retail brand products it also almost impossible to find a merchant processor), water rights, and crop insurance. The bill removes these restrictions, putting the US Department of Agriculture and state agencies in charge of regulations.
There are already limited research and pilot programs for hemp, which McConnell backed in the past. And it’s actually already legal to sell hemp products — but cultivation is banned in most cases.
Key Points to Legalizing Hemp
- Medical properties of cannabiniods can now have real scientific studies done without the red tape.
- all aspects of the plant and by products are legal. That means hemp paper, cars, homes, hemp bottles that biodegrade, medicinal products and more.
- Credit cards and banks will start allowing processing almost immediately.
- CBD alone will become a 30 billion dollar industry within the next 3-4 years.
- farmers can start making livings again and many new farmers will start. Agriculture will become a leader of professions once a gain.
- Bill gives $867 Billion in aid.
“The passage of the 2019 Farm Bill is good news because it provides a strong safety net for farmers and ranchers, who need the dependability and certainty this legislation affords,” Agriculture Secretary Sonny Perdue said in a statement after the bill passed the House.
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