US: How the 2018 Farm Bill affected the CBD industry

Hemp has long offered unparalleled possibilities for business growth and putative wellness benefits. To give you a bit of background, hemp is one of the fastest-growing, easily-cultivated varieties of the Cannabis plant. Cannabis, on the other hand, is a separate species of the same plant and contains high concentrations of tetrahydrocannabinol (THC), the compound that delivers the intoxicating effects. Since hemp is a different variety of the plant, by definition, it carries minimal concentrations of THC. 

Up until December 2018, the use, cultivation, and sale of hemp-derived products were illegal. The 2018 Farm Bill revolutionized everything when it authorized the production of hemp as an agricultural initiative while removing it from the list of controlled substances. 

The Farm Bill is the first federal law legalizing hemp and removing its Drug Enforcement Administration Schedule I controlled substance classification. Before the 2018 Farm Bill was passed, its predecessor, the 2014 Farm Bill authorized research on industrial hemp under restricted circumstances. However, the introduction of the 2018 Farm Bill substantially broadens these restrictions and even permits hemp cultivation under specific regulations. 

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