New Farm Bill Green Lights Hemp Cultivation
Ryan Allway
February 7th, 2014
Policy, Top News
President Obama will sign a five-year, $1 trillion farm bill into law this week that will ease restrictions on hemp – a non-intoxicating derivative of marijuana. While the amendment won’t fully legalize hemp production, it will allow researchers in states where production is already legal to grow and study the plant that’s used for fabric, paper and food.
Many cannabis experts believe that the move represents a big step in the right direction. By setting a key precedent on a federal level, large-scale cannabis cultivation could be a smaller step than it would have been otherwise. The move also comes at a key time for cannabis policy in the U.S., after states like Colorado and Washington fully legalized the drug.
The hemp market in the U.S. is estimated to be about $500 million and growing, according to some reports, but most of the business is lost to China given the domestic limits on production. Lawmakers and hemp experts hope that the new regulations encourage more domestic production in order to bring jobs and keep money in the United States.
Federal lawmakers still consider marijuana a Schedule 1 drug – the highest classification of drugs – and has remained adamant on cracking down on dispensaries in recent years. However, the move to legalize hemp appears to many cannabis supporters as yet another shift towards cannabis legalization on a federal level after other favorable moves by the Department of Justice.
Read More at the Wall Street Journal
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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