Published: Fri, December 14, 2018
Finance | By Jaime Brady

Here comes hemp: Congress votes to unleash a billion-dollar industry

Here comes hemp: Congress votes to unleash a billion-dollar industry

Today marks another key and pivotal win in favor of cannabis market expansion and, as a result, could create a favorable climate for pot stocks; especially those dealing with CBD products.

He continued: "I am constantly correcting that notion". While Congress was fighting over potential cuts to SNAP, the previous farm bill expired September 30. "But the 2018 Farm Bill has no effect on the FDA's position that CBD is impermissible as an ingredient due to having been investigated as a new drug".

House Republicans had been pushing for new work requirements for some Supplemental Nutrition Assistance Program (SNAP) beneficiaries, but those changes did not make it into the final version of the bill.

"It does absolutely nothing to provide Congressional guidance to resolving the Trump administration's trade war that threatens generational harm in the agricultural economy", he said. Village Farms produces and distributes fresh, premium-quality produce with consistency 365-days a year to national grocers in the USA and Canada from more than nine million square feet of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario, and Mexico.

Good news for hemp, not for much else in new Farm Bill.

The hemp changes in the bill have been developing for awhile. The hemp legislation introduced by Senate Majority Leader Mitch McConnell of Kentucky earlier this year would allow states to become the primary regulators of hemp cultivation, enable researchers to apply for federal grants and make hemp eligible for crop insurance. Grassley joined eight other Republicans in opposing the measure, which was supported by every Senate Democrat. Funding provided by the bill lasts over five years until 2023, reauthorizing $400 billion in US agricultural subsidies and conservation programs.

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The measure previously had stalled as Republicans sought to add work requirements for almost 40 million low-income Americans to qualify for food stamps. Analysts told CNBC that hemp could grow into a $20 billion industry by 2022. It also permanently allots money for organizations that work to train the next generation of farmers - at a time when experts have raised concerns about the aging of the industry.

This "will encourage new opportunities for struggling farmers and their families, news products... and new jobs", he said. Josh Sewell, senior policy analyst for Taxpayers for Common Sense, called the bill "a step backward on efforts to ensure that farm safety net programs are focused on actual farmers".

A provision within the proposed rules prevents lawmakers from forcing a vote for the rest of the year on any resolution that attempts to cut off support for Saudi Arabia in Yemen.

Rep. Kevin Cramer, R-N.D., who also served on the farm bill conference committee, credited constituent comments for getting policy initiatives into the bill.

The passage of the bill is "part of the momentum" in Congress to take up cannabis bills, Blumenauer said.

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