New Farm Bill Spells Good News for the Cannabis Industry
Photo Credit: A hemp plant is shown. The recently passed Farm Bill will make it easier for farmers to grow hemp, the plant CBD is derived from. Pixabay / @herbalhemp
Skift Take
We predicted CBD oil would be a thriving business in 2019 –– but it will soon likely be a skyrocketing one, thanks to the passage of the new Farm Bill. This means consumers may find a whole lot of anxiety relief, and hemp farmers and product manufacturers will likely see big profits.
The CBD industry has a lot to celebrate this holiday season. The new Farm Bill, recently passed by Congress, will make it easier for farmers to grow hemp –– the plant CBD, or cannabidiol, is derived from. The bill will bring important perks, like access to banking, federal grants, and crop insurance.
The bill also takes hemp off the federal controlled substances list, removing some of the headaches for product manufacturers and farmers who grow the non-hallucinogenic plant to extract the therapeutic CBD oil, among other things.
Over the course of 2018, CBD has gone from being a boutique product that was barely talked about outside of alternative wellness circles to a buzzy industry everyone wants in on –– including Coca-Cola and Senate Majority Leader Mitch McConnell (who still remains staunchly opposed to marijuana legalization).
What does this mean for the CBD business? Well, we already predicted CBD to take off in 2019. But now, “taking off” seems like an unde
