Congress has finally voted to legalize hemp cultivation as part of this year’s farm bill, a development that should give a big boost to CBD businesses.
President Donald Trump is expected to sign the bill and Senate Minority Leader Mitch McConnell, who has pushed for hemp legalization, has offered to lend Trump his hemp pen to do the deed. Industrial hemp legalization has had bipartisan support.
According to USA Today:
The $867 billion Farm Bill clarifies that hemp will be treated as an agricultural product, allowing growers to qualify for crop insurance and research grants. It also sets the stage for broader availability of hemp-based foods and supplements by removing the plant from the Controlled Substances Act. Farmers in Colorado produce about half of all the hemp grown in the United States, in part thanks to the state’s 2014 legalization of cannabis.
“It’s been long overdue,” said state Sen. Kerry Donovan, a Democrat who chairs the Colorado Senate’s Agriculture, Natural Resources, and Energy Committee. “I can’t wait to see the president put pen to paper and make this final.”
Various observers expect the legalization of industrial hemp will likely be a major boost for the CBD business.
According to Vox:
On the other hand, now that hemp isn’t being policed like cannabis, researchers will have better access to CBD in order to study it.
“There is a huge void of research in terms of confirming most effective dosing for various symptoms, so most of this is done by trial and error and self-titration,” Eric Baron of the Cleveland Clinic Neurological Institute, who has written several papers about the effects of THC and CBD on headaches, told Vox in November. “Unfortunately we are nowhere near close to having any definitive trials on effectiveness for most symptoms claimed to benefit from CBD with trials that are scientifically relevant, such as prospective randomized placebo-controlled trials.”
With the growing and selling of hemp now legal, greater access to CBD could mean more substantial trials and more definitive research into its purported health benefits. And it will certainly be a boon to the CBD industry.