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CBD Companies Prepare For Hemp Legalization In Farm Bill

The CBD market will likely grow 40 times its current size by 2022

Despite the delay in this year’s farm bill, one thing is clear: hemp and hemp-derived CBD is likely to become federally legal in the U.S. Sen. Mitch McConnell has advocated for removing hemp from the list of Schedule I controlled substances in the upcoming farm bill.

He championed for the provision in the 2014 bill that distinguished industrial hemp from marijuana, based on tetrahydrocannabinol (THC) content. This made it legal to grow and study hemp through agricultural programs and universities. Industrial hemp is considered any part of the cannabis plant with no more than 0.3 percent of THC on a dry weight basis, according to the National Law Review.

The 2014 provision will be repealed, allowing even wider growth of industrial hemp. Nineteen states grew more than 25,000 acres of hemp in 2017, a 163 percent increase since 2016, according to the Non-GMO Report.

The CBD market will likely grow 40 times its current size by 2022, according to a report by Brightfield Group.

 

To Read The Rest Of This Article On Forbes, Click Here

 

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