On December 20th, 2018 President Trump signed the Agriculture Improvement Act of 2018, a.k.a. the 2018 Farm Bill, which federally legalized industrial hemp as an agricultural commodity in the U.S. just like corn, wheat, soybeans, and more.
Expected to go into effect on January 1st, 2019, the 2018 Farm Bill will allow the hemp industry to operate on a commercial scale, and will blow the doors open for the hemp-derived CBD industry. The United States‘ hemp-derived CBD market was already estimated to reach $646 million by 2022, and that estimate was determined before the Farm Bill passed!
Commissioner of the FDA, ScottGottlieb, M.D. has certainly made his opinion pretty clear, but we wanted to see what top dogs within the industry had to say about the passing of the 2018 Farm Bill.
Here’s What the CEOs Say:
Bruce Linton, Chairman & Co-CEO of Canopy Growth Corp. (TSX:WEED) (NYSE:CGC), the world’s largest diversified hemp and cannabis company, commented:
“Canopy Growth commends the United States government for passing the Farm Bill, a transformative piece of legislation that will create jobs and meaningful economic impact across the United States.”
Brayden Sutton, President and CEO of 1933 IndustriesInc. (CSE:TGIF) (OTC:TGIFF),a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD products in Nevada, Colorado and California, commented:
“As we enter the hemp processing business in early 2019, the new legislation will create a robust market for hemp at competitive rates and will provide greater access to biomass, while highlighting the need for CBD processing facilities. The untapped versatility of CBD will become sought-after, as regular products begin to be infused with CBD and national retailers enter this sector. This is an explosive market and we are pleased to be at the forefront of the next consumer packaged goods revolution.”
Peter Horvath, CEO of Xanthic Biopharma, Inc., d.b.a. Green Growth Brands (CSE:GGB) (OTC:GGBXF), a diversified portfolio ofa portfolio of emotion-driven CBD brands, commented:
“The new bill is a significant step in America’s acceptance of CBD and the benefits it can provide consumers.”
Marco Hegyi, CEO of GrowLife, Inc. (OTC:PHOT), a leadingplant cultivation product and service provider in the U.S., commented:
“The reclassification of hemp will cause demand for raw hemp plant material as well as hemp goods to skyrocket, especially with interstate commerce now legal.”
Matty Mangone-Miranda, CEO of GenCanna Global USA Inc., a commercial-scale hemp producer situated on150 agricultural acres in the heart of Kentucky, commented:
“The passing of the 2018 Farm Bill will be a critical step in the continued development of the hemp industry. Hemp-derived CBD is an input for thousands of products in dozens of markets. The world is only beginning to understand the power of the hemp platform.”
Conclusion
Clearly, everyone in the industry is on the same page here. As we get closer to the new year, we’ll be sure to see a lot of M&A activity within the hemp and CBD space.
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Additional Resources
- FAQ ABOUT CBD AND YOU
- 5 THINGS YOU SHOULD KNOW ABOUT CBD BEFORE YOU BUY CBD PRODUCTS
- THE BEST CBD PRODUCTS FOR CERTAIN SITUATIONS
