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For decades, hemp has been negatively associated with a similar plant, marijuana, despite not having the psychotropic effects of the high amounts of THC found in marijuana. Previously hemp was under the jurisdiction of the Department of Justice, but now states will need to come up with ways to comply with the Department of Agriculture in order to grow hemp crops.
The 2018 Farm Bill was passed with bipartisan support, including substantial changes in regard to hemp products. The bill removes hemp from the Controlled Substances Act; allowing states to start developing plans to grow hemp and hemp-derived products such as hemp water and hemp oil.
Companies who produce hemp-derived products such as CBD water may now find it easier to progress product development and do research as the new Farm Bill has allowed banks and credit card companies to service hemp entrepreneurs. Other changes under the bill include allowing hemp farmers to purchase crop insurance and allowing interstate commerce of hemp products. Opening up capital from outside investors will likely be good for the economy as a new industry emerges in hemp production.
There is not much research about the pharmaceutical benefits of hemp products including CBD oil which has recently garnered quite the following for promises of alleviating anxiety, inflammation and seizure treatment. This may change with the passage of the new Farm Bill easing restrictions on the use of hemp products. In the coming years, we may find alternative options to traditional medicine in the hemp space.