Highlights in Analytics and Preparing for our Future with the 2018 Farm Bill
By Bre . - March 26, 2019
What really is this new Farm Bill of 2018?
Let's not confuse the 2018 Farm Bill with the 2014 Farm bill which approved College agriculture departments to run pilot programs in the growing and testing of hemp. At that time hemp was still classified as a Schedule 1 substance which made it uninsurable.
What is CBD?
Marijuana has high levels of THC whereas hemp is rich in Cannabidiol(CBD) a phytocannabinoid. CBD is one in some 113 identified cannabinoids in cannabis plants, accounting for up to 40% of the plants extract.
The Cowen Survey stated that 7% of American adults admit to using a form of CBD. CBD sales have exploded in sales with 44% of sales going to tictures, 26% to topicals, 22% to capsules, and even 19% to beverages. It is conservatively estimated that by 2025 more than 10% of Americans will be using CBD oil for one or many of its claimed benefits from organic skincare to medicinal use for pain, anxiety, and Epilepsy.
Things are moving forward exponentially in Europe and all over the world. In Switzerland for example CBD products can have as much as 1% THC, and are classified as a tobacco substitute. This assures us that it is only a matter of time for the United States to catch up in releasing the tight hold in regulations and classifications. The industry is rapidly growing so many are getting their foot in the door before they get bypassed by the fast moving train of the cannabis industry.
2018 Farm Bill
In 2018 the DEA approved CBD with less than .3% THC for agriculture. It was removed from the list of controlled substances. According to the Cowen survey report, "41 states have set up cultivation and production programs to regulate the production of hemp. There is little research on CBD hemp cultivation methods as hemp cultivation research historically has focused on fiber and grain/seed. This lack of research, combined with a number of variables that affect hemp for CBD yield, makes hemp for CBD cultivation much more art than science at this point. That said, no other crop in the U.S. offers the type of return of the CBD Plasticulture Model, and we would thus expect the country’s two largest crops, corn and soybeans, to lose some acreage to CBD hemp." To summarize, The Farm Bill legalizes hemp but it will be highly regulated in personal and industrial production. It will not be grown freely like vegetable and grain crops.
Where will hemp take us next?
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