The 2018 Farm Bill is scheduled for a vote on Monday, December 9 and it is expected to pass with language legalizing hemp farming. It seems a compromise has been reached between the politicians on issues that had been stalling the legislation.
Hemp farmers and CBD-related companies will benefit the most from the passage of the Farm Bill. CBD or cannabidiol is derived from the cannabis plant but has none of the psychotropic effects of THC. In The Farm Bill, there is language that amends the Controlled Substances Act and legalizes CBD. The passage reads as follows:
‘(B) The term ‘marihuana’ does not include— 10 ‘‘(i) hemp, as defined in section 297A of the 11 Agricultural Marketing Act of 1946; or 12 ‘‘(ii) the’’. 13 (b) TETRAHYDROCANNABINOL.—Schedule I, as set 14 forth in section 202(c) of the Controlled Substances Act 15 (21 U.S.C. 812(c)), is amended in subsection (c)(17) by 16 inserting after ‘‘Tetrahydrocannabinols’’ the following: ‘‘, 17 except for tetrahydrocannabinols in hemp (as defined 18 under section 297A of the Agricultural Marketing Act of 19 1946)’’.
It is expected to be removed from the DEA’s schedule 1 list to schedule 5, which is the lowest level and would lift the DEA’s restrictions. CBD products have already begun to explode in the marketplace in anticipation of these changes.
“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,” said Nancy Whiteman, founder, and CEO of Wana Brands, makers of cannabis-infused products.” 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.” Wana Brands has the leading THC gummy in Colorado, but it will be producing a CBD only version in 2019.
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