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April 12, 2023
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The Status of CBD and hemp legalization – What the Farm Bill Means For You
The Farm Bill and What it Means.
The 2018 Farm Bill legalized the production and sale of hemp and hemp-derived products, as long as they contain less than 0.3 percent THC, effectively removing hemp and its products from the scheduling system where it had existed alongside cannabis since 1970. This has opened the door for farmers to grow hemp, which is used in a variety of industries including medical research and textiles. Further, it has cleared the way for CBD, a chemical compound found in industrial hemp and cannabis plants, to become more accessible to consumers nationwide.
Restrictions Regarding State and Federal Laws.
Hemp and cannabis products are still subject to state and federal laws. In business transactions, it is important to ensure that all applicable rules and regulations are being followed. State-level hemp programs should also be taken into consideration when conducting business related to these products. Additionally, certain restrictions may apply if selling hemp items across state lines. Seeking legal counsel is advised in order to fully understand all liabilities associated with hemp-related activities.
How are States Reacting to Hemp and Cannabis Legalization?
The Farm Bill was a big step forward for hemp and cannabis products, but state-level regulations still play a major role in determining how hemp and cannabis are sold. Some states are enacting even stricter policies related to cannabis, while others are transitioning away from enforcing certain penalties for possession of low amounts of marijuana. It is important for business owners to understand the laws in their local area so they can operate within the confines of the law.
The Impact on the Economy and Industries Involved.
The passing of this bill marks a pivotal moment in the American economy, as farmers and businesses alike can begin to invest money into hemp production. This opens up opportunities for hemp fiber products, hemp-derived cannabidiol (CBD) products, the fuel industry, and many more industries that could see an influx of capital due to this bill’s passing. Additionally, from states opting out of certain regulations in certain areas makes it easier for business owners to apply for licenses and operate legally within their state’s boundaries.
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