“This market is going to grow four or five fold to 20 plus billion dollars in consumer value over the next five years,” Norman tells Yahoo Finance. “I believe, down the road, CBD will be widely available in all kinds of consumer products.”
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“The era of hemp prohibition is OVER.” 😭❤️
Late in the evening of December 10, 2018, the 2018 Farm Bill House/Senate Conference Committee released its Conference Report. The 807-page document is nearly half a foot tall. Hemp is discussed in only a few handfuls of pages.
But the impact on the industry is monumental:
• The era of hemp prohibition is over. Hemp is now permanently removed from the Controlled Substances Act (CSA). It is forever deemed an agricultural commodity, no longer mistaken as a controlled substance, like marijuana.
• By redefining hemp to include its “extracts, cannabinoids and derivatives,” Congress explicitly has removed popular hemp products -- such as hemp-derived cannabidiol (CBD) -- from the purview of the CSA. Accordingly, the Drug Enforcement Administration no longer has any possible claim to interfere with the interstate commerce of hemp products. This should give comfort to federally regulated institutions -- banks, merchant services, credit card companies, e-commerce sites and advertising platforms -- to conduct commerce with the hemp and hemp product industry.