The 2018 Farm and CBD Legalization
Updated: Mar 15, 2019
CBDFollow Dec 2018
As of Thursday Nov 29, 2018 - a new farm bill appears to finally be moving forward. The U.S House of Representatives and Senate have announced that they have finally reached an agreement in principle.
The most recent farm bill, which passed in 2014, expired on Sept. 30, 2018. The updated 2018 Farm Bill will have a major impact on one particular crop, hemp. Hemp is the plant that is the source for CBD or cannabidiol. Hemp is different from marijuana as it does not have a psychoactive effect or tetrahydrocannabinol (THC). CBD products have been exploding onto the market in the last few years to treat conditions such as anxiety and chronic pain.
As early as mid-December, CBD is expected to be removed from the U.S. Drug Enforcement Agency’s Schedule I list of controlled substances. (The decision, which was approved by the U.S. Food and Drug Administration, will move CBD to the Schedule 5 list, the lowest-level list which includes small doses of medicines such as codeine.) That’s about the same time the 2018 Farm Bill could be finalized and passed.
These legal actions will pave the way for an already emerging mega-market that is predicted to reach 22 Billion by the year 2020.