Hemp Is the Multibillion-Dollar Cannabis Opportunity Few Have Heard About

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Today, the U.S. is the world’s largest consumer of hemp products. But because of the federal prohibition imposed on cannabis and hemp, the U.S. is importing an estimated $100 million of hemp products each year. That $100 million could soon be going back to American farmers and businesses, thanks to the recent introduction of the Hemp Farming Act of 2018 by Senate Majority Leader Mitch McConnell (R-KY). The bill, announced by McConnell and supported by a bipartisan group of senators, would “legalize hemp as an agricultural commodity and remove it from the list of controlled substances.” This isn’t the first time McConnell or one of his colleagues has introduced such a bill. Actually, it’s the sixth — similar bills were introduced in 2005, 2007, 2009, 2013 and most recently 2015, only to be stalled each time in congressional committees that couldn’t see the difference between hemp and marijuana (or choose not to). This bill has a real chance of finally passing because of its potential for job creation and economic growth. Hemp Is the Multibillion-Dollar Cannabis Opportunity Few Have Heard About

thumbnail courtesy of entrepreneur.com

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