On Tuesday, the Senate voted to approve a $ 867 billion new agriculture bill passed on Wednesday in Congress. While the bill has many positive merits one people is most excited that it will legalize the production, sale and distribution of industrial hemp at the federal level.
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Of course, much of the effort to legalize hemp relies on the fact that it contains cannabidiol or CBD – a compound with a variety of supposed health benefits, and without ] the psychoactive effects of his chemical friend THC. The hemp industry could be worth a staggering $ 20 billion by 2022, CNBC reported (CNBC 1
If you are interested in CBD, the news is probably quite exciting – but there are also some additional hurdles along the way. Here's what you know about farm accounting and what it means for people who use CBD.
What is the deal with the Farm Bill and the CBD?
First, some background information on hemp: The 1970 Act on Controlled Substances classified both hemp and marijuana as Schedule-I drugs or substances that currently have "no" accepted medicinal use and a high abuse potential.
The new Farm Bill will take Industrial Hemp from Schedule I of Schedule I so that it can be "grown for any use" – including the production and recovery of CBD [Hempisregularlyregulatedasarablecropplantingwhichmeansthatitcanstartproducingandsellingagriculturalproductsinthe state subsidized harvest insurance submit brands and promote their product CBD consumers, you will probably soon see a whole range of other hemp products on the shelves.
Note: The Farm Bill does not legalize the growth and sale of marijuana at the federal level. While marijuana also contains CBD, most strains of the plant also contain THC, with which the government still has a big problem. If your CBD comes from marijuana – not hemp – it still falls under Schedule I of the Controlled Substances Act, which means it's not allowed by law.
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