. . . fully legalizing hemp in 50 states.
If signed into law by President Trump, the legislation would end five decades of hemp prohibition.
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The Senate passed the bill in an 87-to-13 vote on Tuesday. And on Wednesday, the House voted 369-to-47 in favor of the bill.
The farm bill will allow hemp production – including CBD and cannabinoid extraction. CBD products derived from hemp are expected to be fully legal on a nationwide basis.
CBD is being used in new health and wellness products including coffee, tea, supplements and beer. It’s viewed as a huge growth market by Fortune 500 companies, including Coca-Cola (NYSE: KO).
Importantly, it’ll allow hemp and CBD to be transported between states. That means a company growing hemp or producing CBD products in Colorado can transport or sell those products in every state.
This is major news for CBD products – and could spark a new marijuana boom.
Hemp and CBD is already on track to be a $1 billion industry this year, according to the Hemp Business Journal. Here you can see the explosive growth in the market.
And by year 2022, the industry could reach $1.9 billion!
Senate Majority Leader Mitch McConnell played a key role in passing the legislation.
He believes that hemp could be a new crop in his home state of Kentucky.
The 2018 Farm Bill is just the latest sign that cannabis is an unstoppable growth market.
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