December 10th, 2018 the Farm Bill Committee released its report. Its report was huge by the way – a massive 807-page document. The effect of this document will have on the industry is paramount.
The time of hemp “prohibition” is over. Hemp is now removed from the controlled substances act. It is now deemed an agricultural commodity. That means that hemp will no longer be mistaken or confused as a controlled substance – for example like marijuana.
By redefining hemp to include the following “extracts, cannabinoids, and derivatives” Congress has removed popular hemp products like hemp-derived cannabidiol from the Controlled Substances Act. The DEA no longer has any place to interfere with interstate commerce of hemp products. This means that it should give some comfort and relief to institutions like banks, merchant accounts, credit card companies, advertising companies, and e-commerce.
Hemp farmers can now finally access insurance and other tools needed to participate in USDA programs for certification and competitive grants.
State governments, of course, can still impose their own separate regulations or restrictions on hemp products. These states, however, cannot interfere with interstate commerce of hemp or CBD items. Our industry is very hopeful that the states will follow suit in line with the Federal Government.
The FDA still has the right to exercise jurisdiction on products that make false claims and companies processes to protect end users.
This is huge for our industry! If you haven’t checked out one of the Best CBD Brands out there you should.