Thanks to the US Farm Bill, American farmers will be able to plant and harvest hemp, a strain of the same plant species from which marijuana originates. The bill passed the Senate and has been approved by President Donald Trump. The 2018 Farm Bill has opened the doors to making industrial hemp a multibillion dollar crop in the U.S.
The US Farm Bill alters the language of a major drug law that had not been changed for 50 years. The new bill exempts hemp from that law and defines it as an agricultural product, which means farmers and researchers of hemp now get some of the same benefits as farmers and researchers of other crops, like the ability to apply for insurance and federal grants.
Many entrepreneurs are eager to jump on the industrial hemp train. The California Department of Food and Agriculture is in the process of finalizing the regulations that will allow for the growing of hemp in most states. Experts predict industrial hemp and the infinite number of products it can be made into could generate revenue in excess of $20 billion annually by 2020.
MJ Legal can help you with compliance measures in opening a Hemp/CBD production, manufacturing, or retail business.
Don’t miss this opportunity! Contact us if you would like to get started with the permitting and registration process for an industrial hemp license in your state!
If you would like assistance with any of the items noted above, please contact MJ LEGAL to schedule a consultation today. Our services include:
- City & State Cannabis Business Licensing
- Business & Operations Financing
- Investment Opportunities
- Property Acquisition
- Corporation Formation
- Property and Zoning Analysis
- Business Consulting
- Trademark & Brand Protection
- Business Acquisitions
If you have a need for any of these professional services or would like to discuss the opportunities within the cannabis industry, it would be a pleasure for us to schedule an appointment with one of our California licensed attorneys.
For more information, please call us at 310-717-9907