- Highly anticipated legislation to provide legal status for hemp
- Hemp and cannabis industries forecast to reach $22.6 billion by 2021
- Decisions made with eye toward expansion set to bring companies unprecedented growth
Following the passage of the 2018 Farm Bill in Congress, a conference committee has now been charged with finalizing the bill, which must be completed before the current legislation expires on September 30 (http://nnw.fm/u498L). Part of the thousand-plus-page bill includes the Hemp Farming Act, a top priority of Senate Majority Leader Mitch McConnell from Kentucky, a state that hopes to see significant economic benefits from growing the plant. In addition to legalizing hemp, the legislation would remove it from the federal list of controlled substances, allow it to be sold as an agricultural commodity and give states the right to regulate crops grown under their jurisdiction. The bill would also allow hemp researchers to apply for Department of Agriculture grants and make hemp farmers eligible for crop insurance.
This groundbreaking legislation is highly anticipated by many in the hemp industry, from growers and cultivators to…
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