It has now been over a year since the Farm Bill of 2018 was established. This bill legalized hemp and all of its compounds. As long as their percentages of THC remained lower than .3%. Since then, the market for cannabis and all of its byproducts has been booming. New York has seen the chance to make their economy grow through the hemp industry. Gov. Andrew Cuomo signed a bill last month to increase the regulation of hemp and CBD throughout the state.
Why Focus on Hemp and CBD Regulation?
Since hemp and, more importantly, its compounds have been legalized, the market for it has boomed. A big reason being CBD. CBD, or cannabidiol, is a derivative of the cannabis L. sativa plant. Hemp is a cousin of the marijuana plant and contains similar compounds. As long as there isn’t too much THC within the hemp, the compounds are legal. THC, or tetrahydrocannabinol, is the psychoactive ingredient within marijuana that gets you “high.” CBD has value because of the positive effects that come from the cannabinoids within them. Marijuana is disputed over its medical use because of these cannabinoids. New York wants to maximize on the demand for hemp and all of its compounds during this boom.
What is the Goal of this Bill?
The main problem with all matters over hemp and CBD is the FDA. The Food and Drug Administration has to determine whether to fully legalize all derivatives of hemp such as CBD completely. During the confusion, farmers are growing hemp and are unsure what to do and if its is even legal in some areas. This bill is going to protect these farmers. Also, closer regulation allows for the farmers and consumers to be protected from any issues. Governor Cuomo wants to ensure that hemp extracts within the state will be running for a long time.