On December 12th, Congress passed the 2019 farm bill, providing $867 in subsidies and support for American farmers amid transcontinental trade wars. On December 20th, it was signed into law by the President. This year’s bill takes hemp off of the controlled substances list, which has sparked the attention of CBD companies and investors alike. This is why 2019 will be the year of CBD.
The Federal Government and Hemp
In recent decades, hemp and the federal government have had a tumultuous relationship. For nearly 50 years, hemp has been a Schedule I controlled substance, due to its relationship to hemp, which has policed hemp’s approved uses.
Before the 2019 farm bill changed the status of hemp, the growth of hemp was overseen by the Feds, and only allowed under certain circumstances.
Currently, dozens of states have hemp legislation. That being said, they all have strict stipulations on who can grow hemp. The growth of hemp, known as industrial hemp due to its lack of THC and industrial uses, must be overseen by institutions conducting research. Stipulations like these allowed states to benefit from hemp’s industrial uses (there are hundreds) while avoiding Federal oversight.
But The CBD Industry is Already Thriving…
The CBD industry, which is deeply intertwined with the hemp industry, was worth $347 million at the end of 2017. By 2022, now with the support of the federal government, it’s estimated it will be worth about $2 billion.
So, what will change?
CBD has started to slowly slip into the pharmaceutical industry. Being off of the controlled substances will surely help. Now, hemp can be grown by public and private firms for federal research-purposes.
While the Feds haven’t scared away all hemp and CBD investors, it has put a cap on growth. Now, investors no longer have to fear what their investments in CBD might say to local authorities, state, or the federal government.
Lastly, more research will be funded and conducted on American soil. While CBD research is far from scarce, it occurs predominantly overseas, in countries like Israel. More so than ever before, American scientists and doctors will be able to see first-hand the medical potential of CBD and cannabis oil.
Infinite CBD’s Bright Future
In 2019, Infinite CBD, like the hemp and general CBD industry, will continue to grow and thrive.
We will continue to be transparent about the ingredients in our products, develop new and effective delivery methods, and provide our customers with the support they need to increase their quality of life.
2019 will be the year of CBD, and we can’t wait to be a part of it!