The signing of the farmers’ act by President Donald Trump means that the prohibition on hemp has ended. Hemp is no longer a controlled and illegal substance. This has paved the way for farmers, manufacturers as well consumers to go forth with their use of hemp in their own ways.
For a long time, hemp was considered an illegal schedule I controlled substance in the United States of America. In order to cultivate it, farmers had to take permits from the higher authorities. Ever since the farmers’ act has been passed, farmers need no permission. Hemp plants with less than 0.3% THC are legal. This decision has allowed the farmers to apply for federal grants and insurance for hemp cultivation.
Impact on Consumers
With access to more information about hemp and with more options to choose from, the buying power of consumers has increased. Another benefit of this decision in the senate is that it has paved the way for research and study about the impact of hemp-driven products on the human health. It will give a much better idea to consumers on what to consume and how much to consume.
Amidst the benefits, there lurks a dark side. This decision will put an end to the barriers hemp brands had to face earlier on. This will allow a variety of brands to make their way into the markets. The consumers will have to be more vigilant and cautious than before. Before they buy or consume a particular product, they will have to make sure that it has not been manufactured in a fraudulent way. They also need to make sure that the product they are consuming has been made with 100% natural and organic ingredients.
Impact on Companies
The impact of this piece of legislation on the hemp industry is massive. In the year 2017, the total sales of this industry reached $820 million, according to the hemp journal. In the wake of the legislation, economic analysts are eying projected sales of $2.1 billion by the year 2020. This legislation is a win-win situation for the farmers and the companies alike.
According to a recent study, people consuming hemp products experienced an improvement in their health and mental state. The farmers’ act of 2018 can do a lot of good things for a large group of people.