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Breaking News! Senate Approves Farm Bill Including McConnell’s Hemp Farming Act!
BREAKING NEWS [June 28th] Before the 4th of July recess, the Senate passed their version of the updated Farm Bill (a bill that updates agriculture and food policy). The week before, on the 21st, the House had passed their version of the bill.
The Senate’s version includes McConnell’s Hemp Farming Act of 2018, which aims to make significant improvements to the overall structure of agricultural hemp.
What Does McConnell’s Hemp Farming Act of 2018 Mean for Hemp as an Agricultural Commodity?
The bill will establish hemp as a critical agricultural commodity. It will give farmers access to public water, loans, and crop insurance. The bill also paves the way for hemp as a “marketable” contender, creating labels such as “organic” and “whole plant” for hemp. Currently, only Canadian hemp is marketed as organic, and American hemp has no such inclusion due to its unusual place in the legal dynamics of commodity farming.
The bill also includes interstate commerce protection and increased federal funding towards hemp research (which very much includes CBD.)
What Does this Bill Mean for CBD?
The future effect of hemp being cemented as an agricultural commodity in America has some incredible implications as far as CBD is concerned.
- CBD research will now be federally expanded, giving more legitimacy to the already overwhelming amount of positive academic research in the field.
- Hemp price fluctuations will be regulated meaning that CBD will increase in quality (though without hemp subsidization the future pricing of hemp is entirely up in the air.)
- Spots committees will hopefully take this legitimacy as a sign to conduct their own research into hemp (something that athletes want.)
- CBD shipping and processing should improve as the law clears up the vagueness surrounding certain aspects of shipping.
Where is the Farm Bill at Currently?
As it currently stands, the Senate and House will meet after the 4th of July recess to iron out various aspects of the bills in order to come to a consensus. McConnell’s Hemp Act is looking to stay around, and the necessity for the structured legalization of hemp is becoming an absolutely necessary act.
We aren’t sure whether or not there will be changes to various processes of the Farm Bill.
Luckily, the Senate seemed to favor the bill overwhelmingly, and McConnell’s Hemp Act was greeted enthusiastically on the Senate floor.
By the end of the year, there is a genuine chance that hemp will become a legal agricultural commodity with its own regulations and policy to guide it.
After the House and Senate come to a consensus on the new Farm Bill, the president will need to sign it. This will likely happen before September.
How Will Things Improve for Hemp?
This bill seeks to do something that has been pushed under the rug for some time – complete legalization. Of course, these laws will not affect marijuana (as hemp is THC free), but the implications for hemp and marijuana are currently favorable in the American market.
CBD is a prized commodity currently, with athletes, researchers, and the public getting behind the supplement. As it stands, estimates show the cannabis market growing over 700% (most of that fueled by hemp) by the year 2020.
The future of the cannabis plant is bright. Research on CBD paved the way for hemp as a health product, while hemp’s remarkable flexibility, strength, and ease of use paved the way for it as a commodity with the potential to dramatically shift the entire agricultural market.
If you are looking to try CBD hemp oil out and discover all of the fantastic benefits for yourself, contact us. We offer tinctures, capsules, and face creams. We also have wholesale products for those looking to add CBD hemp oil to your product line.
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