Last week Congress passed the U.S. Farm Bill & Trump is expected to sign it by the end of next week. Farmers, Bankers & Retailers do a happy dance...
What does this mean exactly?
Let's break it down... I have simplified the details extensively. At the bottom of this article there are links to several articles that are properly written, use correct grammar, etc.
*Hemp, CBD Products are legal but ya have to buy it from authorized (FDA approved) Farmers.*
*Hemp, becomes an agricultural commodity. Farmers can get insurance & Wall Street can invest.*
*Hemp and hemp based products (lower than .003 THC) can be sold across state lines. You can ship it/sell it within the U.S. AKA Retail chains can buy it."
*Hemp & CBD industry expected to hit 22 Billion a year by 2022.* Not in the bill but a bunch of smart people say so. ;)
Hemp makes the (research) list.
- Sec. 7125 reauthorizes (happens every 4 - 7years) Hemp to the Supplemental and Alternative Crops (USDA gets the funding it needs) AKA the proper peeps get to research the plant for various pros and cons.
- Sec. 7415 Legitimacy of Industrial Hemp Research AKA the Secretary has to research and conduct a study to see if there's money in Hemp. Duh!
More, More, More!
This bill (commonly known as the farm bill) reauthorizes through FY2023 and modifies Department of Agriculture (USDA) programs that address:
- commodity support,
- trade and international food aid,
- nutrition assistance,
- farm credit,
- rural development,
- research and extension activities,
- horticulture, and
- crop insurance.
The bill modifies agriculture and nutrition policies to:
- require farmers to make a new election to obtain either Price Loss Coverage or Agricultural Risk Coverage for the 2019-2023 crop years, which may be changed for the 2021-2023 crop years;
- replace the Dairy Margin Protection Program with Dairy Risk Coverage and modify coverage levels and premiums;
- make Indian tribes and tribal organizations eligible for supplemental agricultural disaster assistance programs;
- reduce the adjusted gross income limitation for receiving benefits under commodity and conservation programs;
- modify funding levels and requirements for several conservation programs,
- consolidate several existing trade and export promotion programs into a new Priority Trade Promotion, Development, and Assistance program;
- legalize industrial hemp and make hemp producers eligible for the federal crop insurance program;
- establish an interstate data system to prevent the simultaneous issuance of Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program) benefits to an individual by more than one state;
- increase the loan limits for farm ownership and operating loans;
- modify the experience requirement for farm ownership loans;
- authorize a categorical exclusion from requirements for environmental assessments and environmental impact statements for certain forest management projects with the primary purpose of protecting, restoring, or improving habitat for the greater sage-grouse or mule deer; and
- modify the organic certification requirements for imported agricultural products.
Links to proper articles written by professionals! ;)
Heather McAvoy is the CEO of a non-profit organization for Women in Cannabis, La Femme Magic and the Founder/Creative of Magic & Manifest, a CBD Beauty Company.
Magic & Manifest www.magicandmanifest.com Instagram @magicandmanifest La Femme Magic www.lafemmemagic.com Instagram @lafemmemagic