Alright so unless you live under a rock, you know that the internet buzzing about the U.S. Senate’s passage of the Farm Bill.
If that’s the case, then you also know that the internet is full of misconceptions and general confusion of what is actually in the bill and how its passing will affect all of us in the cannabis community!
So Mermaid Wizdom is here to break down all things Farm Bill: What it is, what it’s not..and of course answer that big question, “What is it actually legalizing?”
In Short: “Hemp is no longer a controlled substance”
The Farm Bill is federal legislation that includes provisions to legalize industrial hemp under federal law.
Industrial hemp, or cannabis that contains less than 0.03% THC, will no longer be criminalized under the Controlled Substances Act,
and the cultivation and sale of hemp and CBD will now be legal in all 50 states.
That also means that states will have the freedom to regulate hemp production, commerce, and research.
What it’s NOT
Though the Farm Bill does open the hemp and CBD market for exponential growth, it does not signal a free-for-all in the cannabis industry.
- It does NOT legalize marijuana at the federal level
- It does not reclassify CBD as “Generally Recognized as Safe” (GRAS)
- It does not lift restrictions on usage of industrial help-sourced CBD in food products - CBD is still not an approved food ingredient, food additive, or dietary supplement
What does this mean?
Now that CBD is legal in all 50 states at the federal level, we’re going to see major changes in consumers and business owners alike.
I mean after years of working in the shadows, hiding from conservative grandparents, and jumping through hoops, many small business owners will suddenly be thrust into the light of legitimacy and an economic boom - one worth an estimated $22 billion by 2022.
Now that businesses will no longer be hamstrung by restrictions on advertising and marketing we will also see a flood of education working to lift cultural taboos as decades of complexity begin to untangle.
We will have front row seats to a wave of both acceptance & adversity.
Looser restrictions also come with a plethora of opportunities for research and education on cannabis. We will begin to see more exploring into its efficacy as a treatment option for so many debilitating chronic illnesses.
So what’s next?
As of the posting of this article, we’re still waiting on the U.S. House of Representatives to pass the legislation and for it then be signed into law by the President.
Reports say he will do this early next week.
Once the Farm Bill is actually signed into law, expect things to get a bit crazy, be prepared to see an explosion of new CBD and hemp-related products to flood the market.
Be prepared to educate that flood of new consumers.
Most of all
embrace the good news that the tides are changing,
and this Mermaid is ready to ride the wave!