Hemp, A New Decade
The hemp industry is quickly becoming the biggest market of our decade. The plant itself has sparked much publicity and it is greatly in part of the 2018 Farm Bill that has spread new awareness on the topic. According to The Hemp Business Journal, the industry will grow to a $2.1 billion market in consumer sales by 2020. So what exactly is hemp, why is so popular these days and how is it going to affect our future?
What is Hemp?
The hemp plant is a strain of the sativa cannabis plant that is grown specifically for the industrial uses of its derived products such as paper textiles, clothing, biodegradable products etc. Containing over one hundred different cannabinoids – a group of closely related compounds that exhibit varied effects, the hemp plant has been looked at more closely in recent years and has found to have potential medical benefits such as helping reduce anxiety, pain, psychotic symptoms and also a variety of physiological processes that control appetite, pain, sensation, mood & memory.
2018 Farm Bill
One of the main questions many people have when stumbling upon the word hemp is why has it is been so prominently featured in our society lately? Last year, the 2018 Farm Bill passed making hemp legal across the US – as long as it doesn’t contain more than 0.3% of THC (the compound associated to a person getting “high”). Under this new bill, the hemp plant is now being looked at more closely to see if it should no longer be considered a Schedule 1 drug seeing as it can now be cultivated broadly, allowing the transfer of hemp-derived products across state lines for commercial or other purposes. Restrictions on the sale, transport, or possession of hemp-derived products have been uplifted as long as they are consistent with the law. With stories such as Charlotte’s Web, a young girl who utilized hemp-derived products to reduce her average of 300 seizures a week down to 0 in the first week – this has caused the major breakthrough in the hemp world.
In a nut shell, hemp is one of the fastest-growing businesses of our generation and with the passing of the 2018 Farm Bill, it is expected to continue to boom in the following years. Our family here at Natures Wealth is dedicated to creating the highest quality hemp products on the market all while educating our community with staying up to date on the ever-changing industry.