The cannabis industry just got a big boost after the president of the united states signed a bill that legalized hemp. Hemp is one of the many species of cannabis popular for extracting and processing of CBD oil. The legalizing is benefiting the CBD industry more than the other cannabis industries.
CBD is a marijuana extract that does not contain the psychoactive component commonly associated with marijuana. Experts say that CBD has several health benefits such as numbing pain, soothing anxiety, relieving stress, and curing insomnia. CBD does not get the consumer high.
Hemp was illegal in the past. Growing, transporting or selling hemp would get you in trouble with the DEA.
After signing of the farm bill into law, the lawmakers of the United State put hemp among the list of drugs people can use without getting into trouble with authorities.
However, some authorities have not yet misclassified CBD from the list of illegal drugs. The drug enforcement authority still lists hemp as an illegal substance. The DEA does not hunt down people possessing CBD as they do with other drugs. It is a waiting game to see if the authority classifies CBD as a legal substance since its primary raw material is now legal.
Another authority that is yet to classify CBD as legal is the food and drug administration. FDA classifies CBD as an illegal drug. Persons or companies that seek to add CBD into their products will still need approval from the FDA before doing so.
FDA says it is in the process of developing a regulatory framework that CBD companies can follow.
How Legalization of Hemp Will Boost The CBD Industry
Legalization of hemp will help farmers acquire a new and on-demand crop. The plant is easy to plant and maintain as it requires minimal amounts of pesticides and lesser levels of moisture to grow. The plant is also good for the soil as it rids toxins off the soil and prevents soil erosion.
Legalization of hemp has also removed barriers that prevented farmers from growing the plant in bulk. Farmers can now access bank loans, crop insurance, and even water rights. However, there are still regulations that farmers should follow from the US Department of Agriculture and State Agencies.
Hemp legalization will help the CBD industry sell more products. Before legalization, it is reported that the CBD industry sold about 300 million dollars CBD products. It is predicted that after legalization, the CBD industry can easily hit the 1-billion-dollar mark in sale value of its products.
Legalization of hemp has also opened doors for researchers. Experts can now, without any restrictions, carry out their research on the effectiveness of CBD in treating various health issues.
Growing, transporting and selling of hemp will now be easy and less costly. This will consequently increase supplies to CBD companies and, in the process, boost the industry as a whole.
The CBD craze has taken over the world. Many health practitioners are now using CBD oil to treat various illnesses. There is also talks that it might cure cancer. However, some experts are still doubtful of the effectiveness of CBD in treatment.