Generally, politics has been a strange fellow for some. This applies true to the weed industry when both the Senate and the House approved with an agreement on the Farm Bill that helps to have marketing plan development for your crops. The current edition of this bill has an aim to legalize the industrial marijuana. Credits to Mitch McConnell, the Senate Majority Leader who pushed through this bill and firmly argued the great advantages to the economy of legalizing the weeds. Moreover, this bill also makes the regulation of the weed be covered under the control of the Department of Agriculture of US and not of the Department of Justice.
The History of the Farm Bill
Farm Bill of 2014
This bill is the beginning of legalizing cannabis. The programs of those university-affiliated agricultural researches are permitted to cultivate hemp plants under this bill. But, it should be provided that those institutions are registered under the Department of Agriculture.
Unfortunately, the bill expired and the renewal was blocked by arguments from the Supplemental Nutrition Assistance Program (SNAP). There were also arguments and disagreements coming from the forestry practices. This basically originates from the wake of the fires within California.
Farm Bill of 2018
Compared to the previous Farm Bill, this bill of 2018 is more complex. It imposed to regulate the distribution of about $867 billion cannabis for the range of five years. This were conducted via a range of agricultural and food programs.
The Effect of the Farm Bill
Basically, the kind of help that weed farmers and producers really need is the legalization of their product.
Due to the approval of the Farm Bill, hemp legalization has taken into place. This makes the cannabidiol or CBD, an active constituent of hemp, produced legally in different states. Its production and distribution had experienced a great blast as the cultivation, transportation, and sale of the weed products can be done without restrictions. Due to this economic effect, the Director of Research of Brightfield Group, a cannabis research company, stated that they are expecting the cannabis market to greatly explode. The sales of cannabis products would hit around $22 billion by the year 2022 which is generally greater compared to the industry of cannabis in US.
Moreover, there are giant movers within the cannabis industry by now. They are actually big players in the industry and total game changers for this kind of market. To name a few, here are some well-known cannabis companies:
- Canopy Growth (CGC)
- Aurora Cannabis (ACB)
- Cronos Group (CRON)
- OrganiGram (OGI)
- Turning Point Brands (TPB)