DENVER, Dec. 11, 2018 (GLOBE NEWSWIRE) -- The House of Representatives and Senate have put forth the 2018 Farm Bill which includes all the language known as Hemp Farming Act of 2018.
Hemp Farming Act of 2018 inclusion in the final version of the Farm Bill is a major victory for hemp CBD companies like Elixinol as it makes provisions to remove hemp from the federal list of controlled substances and removes any federal regulations preventing farmers from growing and selling hemp as an agricultural commodity. Hemp farmers would also be eligible to collect crop insurance.
While the Senate passed its version of the 2018 Farm Bill with the Hemp Farming Act of 2018 attachment with bipartisan support on June 28, 2018, the House’s version did not include the Hemp Farming Act of 2018 attachment.
According to the Hemp Business Journal, in 2017, U.S. hemp sales reached $820 million with hemp CBD and hemp food products making up $327 million of the total and projections see U.S. CBD sales reaching $2.1 billion by 2020, even before the passage of the 2018 Farm Bill.
The language provides the entire supply chain with certainty and enables businesses of all sizes and types to source hemp for food, building materials and textiles from U.S. crops.
“Hemp is a positive contributor to the U.S. economy and culture. Hemp is a clean agricultural product and has great potential to enhance our collective wellness and global environment,” said Gabriel Ettenson, President of Elixinol.
“The Farming Act, if signed into law, provides much-needed certainty so hemp farmers and hemp businesses can provide the goods people want,” Ettenson continued.
The Hemp Farming Act includes provisions to remove hemp from the federal list of controlled substances and removes any federal regulations preventing farmers from growing and selling hemp as an agricultural commodity. Hemp farmers would also be eligible to collect crop insurance.
Through partnerships and joint ventures like the NCHPP, announced in June 2018, Elixinol already grows industrial hemp in Colorado for CBD hemp-derived products. But for companies like Elixinol who are expanding their need for domestic U.S. hemp, the law provides assurances that demand for CBD products will grow and a solid U.S.-based supply chain will be in place for the foreseeable future.
“We’ve been in agriculture for decades, but we’re new to hemp. We’ve been following Colorado regulations to the letter, it’s a relief to know that hemp farming now has the benefits of the federal agricultural policy and clear federal guidelines too,” said Jason VonLembke, Vice President of Land and Resource Management for the NCHPP partnership which provides Elixinol with raw hemp in Colorado.
Advocating for the passage of the Hemp Farming Act, the Senate’s measure noted “the value of hemp imported into the United States for use in the production of other retail products is estimated at approximately $76 million annually.”
“It’s ideal to source hemp for U.S. products in the U.S., it reduces costs and adds to the U.S. economy. Elixinol has secured our “seed-to-sale” supply chain in Colorado, but we support hemp farming throughout the United States and see this language as a positive step for U.S. hemp businesses and the U.S. economy,” continued Ettenson.
“But, what this means for the consumer, is it’s more important than ever that the consumer look for the raw material from a state-licensed grower is extracted using a non-toxic process under GMP standards, and the end product is third-party tested,” continued Ettenson.
Many media outlets currently restrict hemp-derived products from advertising on their platforms. Those restrictions are expected to be lifted with the removal of hemp as a controlled substance following the signing of the Bill.
In June 2018, Elixinol made global news as the first company to advertise in a public location in Japan.
“We know from experience, the more people learn about hemp CBD, the more they find it has a place in their daily lives. We distribute CBD product in 40 countries, including the U.S. We know we can help more people live their best lives. This impacts our ability to reach more customers and educate more people on hemp products like CBD,” said Chris Husong, Director of Sales & Marketing for Elixinol.
The Farm Bill will now go to the President who will either sign the 2018 Farm Bill making it law or veto the 2018 Farm Bill.
Media Contact:
Chris Husong
Elixinol
+1 844-804-3504 ext 420
chris@elixinol.com
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