2019- The year of Industrial Hemp Businesses
Updated: Jun 18, 2019
On December 20, 2018—Industrial Hemp became legal across the United States. President Donald Trump signed the 2018 Farm Bill. The law ensures that industrial hemp and hemp products will now be treated like agricultural commodities rather than controlled substances. In essence, growing and processing hemp will now have federal protection subject to pertinent federal regulations and state laws.
This major shift effectively ends the uncertainty surrounding the legality of industrial hemp and cannabidiols (CBD) derived from industrial hemp.
Wisconsin was already experiencing rapid market growth due to the passage of 2017 Wisconsin Act 100. This legislation allowed persons and businesses to grow and process industrial hemp. This was possible due to the old 2014 Farm Bill, which authorized industrial hemp pilot programs in state departments of agriculture and institutions of higher education.
But even with the passage of Act 100, conflicting federal laws, confusion surrounding interstate movement of hemp and legal hemp products made the business terrain much more difficult to navigate.
So with the 2018 Farm Bill, now, being the law of the land, Wisconsin cannabis entrepreneurs and businesses are much more likely to participate in the accelerated market growth that is bound to occur within the Cannabis industry. Some have estimated that the industry could grow to $20 billion by 2022 from $800 million in 2018. You get the picture.
That said, the new law is certain to lead to new and developing regulations. So, a bevy of legal and regulatory uncertainties still exists. Nonetheless, 2019 should be an exciting time for Wisconsin entrepreneurs looking to engage in the cannabis industry.
And we intend to track major developments and provide insights as the law and regulations begin to take shape.