Despite marijuana and hemp being two completely different things, the federal government has cracked down on both, often mistaking that they are the same because they belong to the cannabis family. Well, those days are coming to an end – maybe.
While the White House is on the fence about legalizing marijuana, the incumbent administration wants to remove federal clamp downs on hemp.
As part of the Agriculture Improvement Act of 2018, President Donald Trump will sign the bill that removes hemp from the list of federally-controlled substances and treats it like any other agricultural crop.
This means that hemp farmers will be allowed to write off their business expenses on their taxes, buy crop insurance, and apply for loans and grants. They will also have the option of shipping their goods across state lines without bureaucratic interference from the U.S. Food and Drug Administration (FDA).
States will still have the power to ban or regulate hemp. For now, though, this is a major victory for hemp farmers, especially since analysts say this will triple industrial growth to as much as $2.5 billion by 2020.
It’s about time. Now, do marijuana.
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