Currently, the US hemp market has $800 million in revenue, and it’s anticipated to reach more than $20 billion by 2022. Have you heard about Marijuana bill numbered “420” that’s recently been introduced in the House? This article will tell you about the bill and help you find the best CBD merchant account to grow your business.
New Farm Bill: Get Your CBD Merchant Account
The recent survey in the field shows that 93% of participants (Americans) are for medical marijuana prescriptions from a physician. 13% of them aren’t going to support a candidate who’s different views on pot from what they have.
In October 2018, Canada became the world’s 1st industrialized country and the 2nd after Uruguay to legalize pot for adult use. In the US, Missouri and Utah supported medical marijuana. Besides, recreational cannabis became legal in Vermont and Michigan.
On the other hand, the US Food and Drug Administration (FDA) gave its approval for the very 1st cannabis-derived drug, and President Trump sign the Farm Bill into law in December 2018. Based on the Farm Bill, hemp and hemp-based cannabidiol oil are regarded as legal.
In December 2018, Congress gave its approval for the final 2018 version of Section 7607 of the Agricultural Act of 2014 (the “Farm Bill”). Both parties supported the version in the Senate. According to the Bill, “hemp,” which is a variety of the Cannabis sativa plant species, is being deleted from the Federal Controlled Substances Act (“CSA”). Hemp cultivation as an agricultural commodity like grain, meat, and dairy becomes legal.
Given the developments in the industry, it’s critical for CBD business owners to work only with an experienced and creditworthy processor to get the best CBD merchant account. So, take the time to find a respectable credit card processing company that’s ready to talk to each merchant to get to know his/her business in details so to provide the right merchant services for them.
What to Expect from New Farm Bill
The removal of hemp from Schedule I substances list will reduce the legal jeopardy around the hemp-driven products and allow states to play the role of the basic regulators of hemp cultivation. In addition, it’ll also enable researchers to apply for federal grants and make the crop qualify for crop insurance.
So, overall, the Farm Bill is called to put a differentiation between marijuana and hemp. As a result, hemp can stay from the stigma of being illegal that’s often attached to marijuana.
Now, let’s pay attention to some pain points associated with the regulations. Well, though it’s legal to produce hemp, however, it’s not legal to produce hemp in any state that’s without a plan or federal license due to the same law. Still, you can’t find any licenses, plans, or regulations available.
Moreover, there’s no regulatory framework set by the law concerning licensing and the industry oversight. Besides, it’s not clear how individual states are going to treat the federal government’s new law.
On the whole, a number of states are already benefiting from the new law. E.g., California can already start industrial hemp cultivation this year. Kentucky has also applied for federal approval of Kentucky’s hemp program.
The CBD industry is growing with rapid advances. So, it’s high time you worked with a reputable merchant services provider to avoid staying behind the competitors in your field.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the cheapest and most secure CBD merchant account in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.