Imagine if CBD was removed from the Controlled Substance Act. More particular, imagine if Industrial Hemp was removed. This is precisely what the 2018 Farm Bill means for hemp.
John Kagia, of New Frontier Data, was quoted saying “The objective of the Farm Bill is to treat hemp as any other kind of agricultural commodity, so you’re going to be dealing with far fewer regulatory oversights.”
Hemp is an extremely versatile plant. It can be used for virtually every fabrication of life. It leaves the soil in better condition than before it was planted and helps to repair the air around it. These processes are called phytoremediation and air remediation. Hemp can provide food, fuel, clothing, building materials, and more.
Green Hope in the 2018 Farm Bill
If the 2018 Farm Bill is passed as it sits currently, it would open the door for a multi-billion-dollar industry. The prices on CBD products and hemp materials for clothing and building would drop substantially.
Currently, hemp has been in the gray area for some time. It’s just moving into the green where light can be seen at the end of the road. 19 states in America grow hemp legally with Kentucky, Oregon, and Colorado being the primary states for hemp cultivation.
Unleashing a Billion Dollar Sector
Sean Murphy, the director of hemp analytics for New Frontier Data predicts that CBD sales could hit as high as $845 million dollars by next year. Murphy also believes the industry would be worth an estimated 2 billion dollars by 2022.
The Green of Things
The green scene could get a whole lot greener for the hemp industry and the planet. Legal hemp stands to bring in billions of dollars for the economy as well as produce countless products that are better for the planet at more affordable prices for the public. All in all, this is hempsational news for the hemp industry.