Head of the U.S. Senate Mitch McConnell, has today announced that he will be pushing forward a bill to legalize hemp farming on an industrial scale.
The Hemp Farming Act 2018 will reclassify hemp as an agricultural commodity as opposed to a controlled substance. It will also allow hemp researchers to apply for government grants to fund their work. Up to now, hemp has been lumped together with cannabis, as far as the Drug Enforcement Agency (DEA) is concerned.
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According to Sen. McConnell, this is unfortunate given the 25,000 known applications of hemp; none of which involve using it as an illicit substance. In fact, although hemp looks similar to, and is in the same family as, marijuana, it contains a very low amount of the psychoactive component THC. Marijuana can contain 5% to 35% THC, while hemp contains up to 0.3%. This makes it very difficult, if not impossible, to ‘get high’ from it.
However, hemp does contain a high amount of CBD, which has been found to have anti-inflammatory, anti-anxiety and pain-killing properties. This makes it excellent for medical use. In addition, hemp is often farmed for its fiber, can be used to make clothing, shoes, rope, canvas and more. What’s more, when farmed correctly, hemp fiber can be even stronger than steel, which gives it uses in the automotive industry.
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Ryan Quarles, Commissioner of Agriculture in Kentucky, said of the decision: “I want to thank Leader McConnell for introducing this legislation which allows us to harness the economic viability of this crop and presents the best opportunity to put hemp on a path to commercialization.” Kentucky is currently the leading state in terms of hemp production.
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What does this mean for the industry? For one thing, it could lead to a surge in hemp production as proof of hemp’s economic viability becomes more evident. As far as investors are concerned, there is no reason why hemp farming won’t take the stock market by storm in the same way that cannabis has. One thing is for sure, many people stand to benefit from this new bill, and it will be particularly interesting to see what effect it will have on the US economy.
Featured image: Matt Barton/Daily Item
