*BREAKING NEWS* President Donald Trump puts the pen on paper, and signs the 2018 Farm Bill after months of public patience and promise. This signing is expected to send the Hemp-derived Cannabidiol (CBD) product market skyrocketing, with expert analysis reporting growth upwards of 40% per year. This growth is expected to be a major contribution to the U.S. economy as the amount of people who are willing to try CBD for pain relief increases tenfold.
First off, let’s summarize the outcome of the 2018 Farm Bill. The Farm Bill is 870 pages long. Thankfully, Hemp-derived CBD is only a small section of that. Within this Farm Bill is the following:
Hemp becomes permanently removed from the Controlled Substance Act (CSA), meaning it is no longer a DEA Schedule 1 drug. In case you are curious, Ecstasy and LSD are Schedule 1 drugs. This shows how big of a deal this bill is. More importantly, Hemp is no longer regulated under the same rules and jurisdiction as Marijuana, another Schedule 1 drug and sibling plant. Hemp is now considered an agricultural commodity, like corn and the cotton in your shirt. This stems from Hemp being redefined to also include “extracts, cannabinoids and derivatives.”
Along with the Hemp definition upgrade, companies are now fully unrestricted to grow, distribute, conduct commerce, amongst other things. This include Hemp farmer’s new rights to attain federal crop insurance and qualify for USDA certification programs or grants. Previously, farmer’s did not qualify for crop insurance as Hemp was still considered federally illegal. Although many states made Hemp legal years ago. Now everyone is on the same page, and Hemp farmers should be safer in case for natural disasters or major price volatility. This was a major win for farmers, and what could be better than that.
What Does The Passing Of The 2018 Farm Bill Mean To You?
People will now be able to access CBD products much easier than ever before, without having to pay excessive and outrageous prices from practically unregulated dispensaries. The same 500mg CBD Oils online that cost $45 online are over $80 at dispensaries. Now consumers will no longer be limited by overpriced dispensaries, and can buy their products online at much cheaper prices.
CBD brands will grow and become major players in the CBD market. Brands like CBDistillery and CBDfx, known for their quality of products and effectiveness of their CBD Oils will grow and be able to appeal to their consumers more, making more unique CBD product solutions for specific needs. Such as oil tinctures designed for anxiety, CBD for sleep, CBD for joint pain etc… Each with their own properties and ingredients like cumin, paprika amongst others. These new product innovations will be extremely beneficial for consumers.
In addition to this, brand reputation will matter more than ever. As brands grow and become more popular, so does the need for them to maintain great customer relations. Many brands gave terrible or no service whatsoever to their customers. However, now there is more pressure than ever for brands to gain a positive reputation. For example, we have denied working with many brands because they simply do not meet our standards. The brands we work with have been verified of quality, transparency, results, and customer service.
There will be more standardization amongst products, such as tincture sizes, concentration amounts, and how people should it use for specific needs. For example, someone with severe pains or anxiety would probably use a 1000mg CBD Oil Tincture while someone with mild sleep issues might use 500mg CBD Oils. As more and more research becomes available, people will have more knowledge on how to solve their individual pains and needs. Overall, consumers win big too with the passing of the 2018 Farm Bill.
Where Does The Hemp CBD Market Go From Here?
Well completely neglecting the compounding of major retailers and companies entering the CBD Market, such as Coca-Cola, Corona, and recently The Alkaline Water Company, the CBD market is projected to be an estimated $22 Billion by the year 2022. However, we at Binoid CBD expect it to be even above that due to the establishment of large player as well as new CBD-infused product innovations. Along with the decreasing stigma and increasing acceptance of CBD products. Including Oil Tinctures, Gummies, Topical Creams and other items.
However, let’s take a step back to today before we reveal our insider point of view of the direction of the CBD industry. So what actually happened today? Well, what happened was the President of the United States Donald Trump, has officially signed the 2018 United States Farm Bill. After Congress approving the Farm Bill last week with an overwhelming majority of an 87-13 vote for the Senate, and a 369-47 vote for the House in favor of passing the bill. Thus, the 2018 Farm Bill was sent to the President’s desk waiting to be signed.
With millions of farmers, manufacturers, dispensers, and retailers eagerly anticipating when he will sign it, and officially turn the bill into law, which just happened today December 20th, 2016. It is almost unprecedented how something as small as a few pages in a bill, could make such a substantial impact on the world. How substantial? Around a whopping $21 Billion in United States economic growth over the next four years. Meaning hundreds of thousands of new jobs, millions of more people helped by CBD, and likely lives saved. It’s like Christmas came early!
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- Team Binoid