Hemp and Farm Bill Programs
The 2018 Farm Bill reclassified hemp, and it is now legal to grow industrial hemp. The Farm Bill defines hemp as containing 0.3 percent or less tetrahydrocannabinol, or THC, on a dry weight basis.
Here are a few key Farm Bill points:
- Banks and payment processors/credit card companies can service the hemp industry
- Investment and capital infusion is allowed in both the oil and fibrous hemp businesses
- Interstate commerce of hemp and hemp products is allowed
- Hemp farmers will be allowed to buy crop insurance for the first time.
- Hemp futures can be traded for the first time, locking in prices for farmers
- Help research will be allowed for pharmaceutical uses as well as for health, wellness and general nutrition, opening the doors for much more testing