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The US Farm Bill passed on Wednesday legalizes hemp,a plant that's roughly identical to marijuana and is a key source of highly touted wellness ingredient CBD.
The bill defines hemp as an agricultural product for the first time and amends a major drug law that hadn't been altered in 50 years.
Experts said the shift could spike interest in CBD, which is also the active ingredient in the first cannabis-based medicine to gain federal approval in the US.
Despite its hazy legal status, CBD already makes up a roughly $1 billion industry.
"The move alters the language of a major drug law that had previously remained unchanged for half a century and loosely defined hemp alongside marijuana as a controlled substance. The new bill exempts hemp from that law and defines it as an agricultural product. That means farmers and researchers of hemp now get some of the same benefits as farmers and researchers of other crops, like the ability to apply for insurance and federal grants."
This was part of the Farm Bill that failed in October. The Senate Majority Leader Mitch McConnell proposed it back in April in hopes of giving tobacco growers an alternate crop.
Nothing new about it, anyone that follows Ag news knew about it months ago. This specifically separates Hemp from Marijuana.
Nothing was sneaky, everyone in the world following the legalization of pot was also following that bill. It was all over twitter and every stock message board or news site about companies that stood to benefit from it.
OK...and so? Widely expected and bipartisanly approved of bill added to legislature that is passed......So what?
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