I try to keep up to date on the news as best I can, being in the know on how things that are happening in my community, country, or the world will affect my daily life. I was browsing through the Forbes site the other day and came across this article about the most recent farm bill in 2018.
For the most part, I don’t pay a ton of attention to legislation, except when it affects me personally. When I read about how this bill would have an effect on the CBD industry, that’s when my attention was grabbed.
What the Farm Bill Does For CBD
So apparently there is a new farm bill on its way. The House of Representatives came to an agreement at the end of November after a number of delays. This comes after the next most recent farm bill, passed in 2014, had expired, so it was important to come to a consensus on this one to lay down legislation.
One particular crop that will be heavily affected by this bill is hemp, which is the crop from which CBD is cultivated.
As an avid user of CBD products, I paid more attention than I usually do for matters like this. The reason why this bill is important to this particular industry is that the new farm bill will kick in at around the same time that new regulation is coming to the CBD industry.
While many people, like myself, use these kinds of products to self-medicate and relieve aches, pains, anxiety, stress, sleep disorders, respiratory issues, and many other issues, it is not actually an approved drug by the DEA. However, the Drug Enforcement Agency is expected to removed CBD from its list of controlled substances, as early as this month (December 2018, at the time of this writing). It will be moved to a Schedule 5 list, which is the lowest level possible and puts it on par with drugs like codeine.
So what is the result? The coincidence of the timing of these two pieces of regulation happening at the same time makes for a political environment ripe for a huge boom in the growth of CBD. I expect hemp production to go way up. Though it is probably as high as it has ever been in modern times, with recreational marijuana being legal on the state level in many states, I think this federal regulation will cause a meteoric rise in production all across the board. Much of the hemp production these days is in California (like my favorite brand Thought Cloud) and Colorado, but I expect it to spread wide now.
This is all great news! More production means that more brands will come to the market. This will spark innovation so brands can set themselves apart from the rest of the market. It will also increase competition, which will force brands to create higher quality products to be among the best cbd oils I review here, and possibly also reduce prices to grab customers. The more, the merrier, I say!