Congress Just Voted to Legalize Hemp: What Does This Mean for CBD?
On Wednesday, US lawmakers in Congress voted to legalize hemp by passing the US Farm Bill.
Hemp, a derivative of the cannabis sativa species primarily grown for industrial uses, has recently become popular because of its high concentrations of CBD. CBD, or cannabidiol, is one of 113 cannabinoids found in hemp plants and accounts for up to 40% of the plant's extract. Recreational cannabis and CBD both derive from the cannabis sativa species, however CBD does not contain the psychoactive properties that are known to "get you high".
So, why is this such big news for the cannabis industry?
CBD has been known to have a wide range of medical benefits including treatment of pain, seizures, insomnia, anxiety, cancer, depression, PTSD, Alzheimer's disease, Parkinsons, and a number of other medical conditions. CBD can be medically taken in multiple different ways including inhalation of vapor or smoke, absorption into the bloodstream via mouth or topical oil or lotion, or ingestion.
With President Trump's signature on the bill, hemp will finally become federally legal in the United States and be officially removed from the Controlled Substances Act.
This will open up an entirely new industry for CBD that is expected to hit $22 billion by 2022. The high demand for this new industry will bring an enormous opportunity for companies producing CBD products such as tinctures, concentrates, capsules, topicals, and sprays.
President Trump is expected to sign the bill into law as early as next week.
When the law officially goes into effect, we will see a new era for CBD and the cannabis industry in its entirety will be forever changed.
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