What does marijuana legalization mean for the hemp industry?
Infinite CBD • February 22, 2021
Under the current Farm Bill, hemp is treated as a heavily moderated “Controlled Substance.” In mid-2018, Senate majority leader Mitch McConnell proposed legislation that would remove hemp from the Controlled Substances Act. For hemp, and for the CBD industry, this proposal has significant implications; the new US farm bill could cause a CBD boom.
“Boom” can mean many different things to CBD companies. Some will track sales and clicks while others, like Infinite CBD, will review the awareness we have been able to spread about CBD. Our perfect CBD “boom” would be a plethora of education for our customers.
This legislation would mean that hemp would be treated like every other agricultural commodity. It would help growing, producing, and cultivating hemp creating it to be more cost-effective. In addition, it would make farming hemp far more sustainable. The new farm bill would also mean that hemp could be transported without restriction between states.
What does all of this mean, exactly?
CBD would become a multi-billion dollar industry, practically overnight.
In terms of farming, hemp currently lies in a grey area that varies by state. Hemp is currently grown in 19 states, however, in some states, hemp can only be grown if being used for agricultural research.
Interestingly enough, about 70% of hemp production is due to the CBD industry, according to research published by New Frontier.
The new farm bill would eliminate oversight over the growth of hemp, making it legal to grow in all 50 states. Not only would there be more hemp to produce CBD, but there would be more opportunity for expansion in the textile and commercial hemp industries.
The growth in the CBD industry has already been unprecedented. As legal medical and recreational marijuana legislation began to pass, the cannabis community and holistic health communities became increasingly interested in CBD.
While CBD is a cannabinoid, like THC, it does not have any psych0active effects, which helps to dispel common stigmas surrounding cannabis use and consumption.
Holistic self-care is becoming the way of the future. More so than ever before, individuals are redefining health. Health now includes diet, mental health, and exercise.
CBD has become an element of holistic self-care. As the trend of holistic health has risen, imagine what would happen if CBD became more accessible?
Sean Murphy, the director of hemp analytics at New Frontier Data, has some startling predictions about the future of the CBD industry if the newest farm bill were to pass; his reports and predictions show that the CBD industry could surge to $845 million by 2019 and to over $2 billion by 2022.
For some comparison, the CBD market was worth about $367 million.
So yes, the CBD Boom will be big!
The farm bill is usually voted on in the month of December. If you’re one of the many individuals who has benefitted from CBD help move the bill along. Call your senator and mention the farm bill and hemp specifically.
More hemp means more CBD, and more CBD means that more people are living better and more fulfilling lives.
The Farm Bill has been up and active making CBD companies, like ours, able to word toward our goal of cannabis awareness with much more certainty ad ease.