With the passing of the 2018 Farm Bill, the way was paved for the delisting of industrial hemp as a controlled substance and recognition as an agriculture product by the USDA. Just how much potential does this new commodity have?
Senator Mitch McConnell (R-KY) championed the provision to get Industrial hemp recognized as a crop and not a drug. Twitter exploded with celebration over this move. Of course, many had to be reminded hemp is just a cousin of marijuana. If the beginning of this feature had you ready to go out and buy Twinkies? or Funyuns?, I apologize. The only similarities they share is the genus of their species.
What is the future of the crop? North Carolina State Economist Dr. Mike Walden says a new variety of the plant is being cultivated and shows promise.
Dr. Walden says hemp has the potential to be multi-billion-dollar industry, but time will tell.
Walden says the biggest challenge will be figuring out what varieties are going to work around the country. A lack of widespread production means there is still much to learn.
