What The 2023 Farm Bill Could Mean For CBD and Other Cannabinoids
Nearly 20% of hemp grown in 2021 was destroyed for exceeding the THC limit
The 2018 Farm Bill revolutionized the hemp landscape, jump-starting an industry currently valued at more than $4 billion and expected to reach $16 billion by 2030. The bill made hemp-derived cannabidiol (CBD) products with less than 0.3 percent tetrahydrocannabinol (THC) federally legal, but it also opened the door to a growing number of unanticipated issues.
According to the U.S. Department of Agriculture (USDA), nearly 20 percent of hemp grown in 2021 was destroyed for exceeding the THC limit, highlighting the significant risk farmers and investors face in this burgeoning sector. On the retail side, quasilegal hemp-derived cannabinoids like delta-8 THC have exploded in popularity in areas of the country without adult-use legislation, drawing ire from regulatory bodies while raking in $2 billion over the last two years.
But the hemp landscape could be at the precipice of significant change with an updated Farm Bill slated to roll out under the House Committee on Agriculture led by Chairman Glenn “GT” Thompson (R-PA) and Ranking Member David Scott (D-GA). The industry is cautiously optimistic about the next bill’s ability to address a laundry list of issues.
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