The 2018 Farm Bill – which included the legalization of industrial hemp in the U.S. – is officially law now that President Trump signed the bill on Dec 20. The feferal law goes into effect on Jan 1, 2019 and allows states the right to prohibit aspects of the hemp industry.
Hemp can be used for textiles, food, drinks, medicine, building parts and more, Forbes notes. The legalization of this versatile crop will significantly alter the agricultural landscape in the U.S.
Brent Cornett, a farmer, said there are “plenty of challenges with a new crop, but as of today, a mediocre hemp crop is yielding a better return than an excellent tobacco crop.”
The legalization of hemp will allow farmers and hemp-related business to legally have access to banking services, crop insurance and other services offered to traditional businesses.
“While the new provisions allow states to adopt their own plans for regulating hemp, no state can prohibit the transport of hemp across its lines,” said attorney Shawn Hauser. “There’s an express protection in the final language prohibiting interference with interstate transport, regardless of what kind of plan states choose to adopt.”