Hemp could be made legal this week is all goes planned.
A bill to legalize hemp could go to vote as early as next week. The bill would legalize hemp cultivation and could be a catalyst for explosive growth in a niche industry that some forecast could top $20 billion by 2022.
The $800 million U.S. hemp market is made up of products that include the non-psychoactive compound CBD, cannabidiol. Products infused with CBD are used for a wide range of medical conditions, from epilepsy and chronic pain. Laws involving CBD products differ in each state.
Many in the cannabis industry voiced their support for the bill.
Nancy Whiteman, Founder & CEO, Wana Brands: “The cannabis industry is closely watching the outcome of the Farm Bill. And while we are seeing a lot of startups try to move in, nobody is better suited to operate in this market than experienced licensed cannabis manufacturers. Marijuana infused producers have been perfecting precise dosing, testing and supply chains for the past decade, and these companies will lead the way in the next generation of CBD products. CBD-only products are perfect for those seeking the therapeutic benefits of CBD without the intoxicating effects of THC.”
Wana Brands has already launched a CBD-only product–Mango CBD Sour Gummies–in Oregon and is poised to come online with a full CBD product line in Q1 2019.
Lisa Richards, co-CEO, L’eela CBD Body Care also chimed in.
“What is known about CBD is only the tip of the iceberg. The whole plant extracts derived from Hemp that contain CBD, is an oil that not only provides excellent hydration and anti-inflammatory properties, it contains significant amounts of antioxidants. Consumers are just starting to understand the benefits of CBD, and when the floodgates open, they are going to need to be educated and be their own advocates. Hemp may be federally legal with the passage of the Farm Bill. However, more importantly, where is it sourced? How is it processed? The passage of the Farm Bill is only the first chapter.”
We will all know on whether or not hemp will be legalized.