MercoPress. South Atlantic News Agency

Hemp becomes federally legal in US; estimates of a US$ 20bn industry by 2022

The Farm Bill, effective on January 1, 2019, is a great for the industrial hemp industry and it will finally allow the U.S. to be competitive in the global market

After years of prohibition, industrial hemp is now federally legal in the United States. President Trump signed off on the 2018 Farm Bill which redefines hemp as an agricultural commodity, and more importantly, removes it from the Controlled Substances Act.

 That means hemp is no longer considered a Schedule 1 substance and the Drug Enforcement Administration (DEA) will no longer be able to interfere with the interstate commerce of hemp products.

This Farm Bill, which goes into effect on January 1, 2019, is a monumental step for the industrial hemp industry and it will finally allow the U.S. to be competitive in the global market. More than 25,000 products can be produced with hemp, ranging from construction materials to cannabidiol (CBD) products used to treat various ailments and improve wellbeing.

For US companies in the industry, federal legalization of industrial hemp will afford it incredible market opportunities for its rapidly growing hemp cultivation and manufacturing operations across the country.

“This historic event in our nation's industry creates a tremendous amount of opportunities for the small family farm, local communities, the U.S. economy, and a myriad of industries,” said Hemp, Inc. CEO Bruce Perlowin.

According to Perlowin, Hemp, Inc. has spent US$ 25 million on building its industrial hemp infrastructure in several states, Arizona, North Carolina and in Oregon. The company is currently looking for joint venture partners to provide its expertise. These partnerships are designed for those who are ready to make considerably large investments in an industry primed to hit or surpass US$ 20 billion by 2022.

“While we won't forget the small family farmer, these joint ventures are designed for the millionaires and billionaires of the industry and billion dollar hedge funds that are investing large amounts of money into the industrial hemp sector,” says Perlowin.

“The small family farmers are just as important to us so we will help them grow hemp and everything that needs to be done in terms of processing so they can re-emerge back into the American landscape.”

That means hemp is no longer considered a Schedule 1 substance and the Drug Enforcement Administration (DEA) will no longer be able to interfere with the interstate commerce of hemp products.