2018 Farm Bill - Changing the Hemp Narrative

Imagine being incarcerated for years because a relative had committed a crime. When it comes to hemp and marijuana, a case could be made for this analogy. While both hemp (cannabis sativa) and marijuana are both strains of cannabis, hemp has hardly any THC and no psychoactive effects. Still, from both a legal and public perspective, these two plants have been joined at the hip for many years.

The Marihuana Tax Act of 1937 initiated strict regulations regarding cultivating, possessing and transporting marijuana. While the law's initial intent was to halt recreational drug use, hemp was also buried in legislative red tape. For this reason, further research for industrial purposes was mostly abandoned. The Controlled Substances Act of 1970 officially banned all forms of Cannabis in the US.

Note: Hemp's cousin, marijuana, can be seen referred to in legal texts as "marihuana". However, the original Spanish spelling with the "j" is more commonly used now as it's easier for English speaking Americans to pronounce.

The passage of the 2018 Farm Bill has created diverse new markets for hemp. This extremely versatile plant can be used to produce a wide variety of products. These range from clothing fabrics, paper, eco-friendly plastic substitutes, ropes, and biofuel. Also, hempcrete, a greener alternative to concrete, is gaining popularity.

Thanks to the passage of the 2018 Farm Bill, hemp has been removed from the controlled substance list. As a result, industry growth is expected to explode world wide. According to ACS Laboratory, the global hemp industry is expected to rise from $1.8 billion to an eye-popping $16.2 billion by 2033. This growth will no doubt create great opportunities for those bold enough to invest in the future of hemp.