Donald Trump's Farm Bill 2018 Expected To 'Skyrocket' Cannabis Products Sales

With President Donald Trump signing the Farm Bill 2018, doors have been opened for the cannabis market to explode. The bill has classified hemp, which has been defined as a plant with less than 0.3 percent THC content, as an agricultural product. Hemp was previously in the list of controlled substances.

According to a report by North Coast Journal, experts in the financial industry are predicting “big things” for the cannabidiol (CBD) industry. Cannabis research firm Brightfield Group feels that the sales of CBD-related products will grow 40-fold in just four years, thanks to the new 2018 Farm Bill.

Trump’s move will benefit not only companies, but also farmers. Even before the bill was signed, states across the U.S. made preparations to cash-in on the rising demand for cannabis products and the potential for decriminalization of these products. In 2017 alone, 19 states have reportedly used various exceptions in legislation to use 25,000 acres of land to grow industrial hemp. This is already an increase of 163 percent from 2016, and experts are predicting the growth will “skyrocket” in the coming years.

The use of cannabis for medicinal purposes has already been approved by some states in the U.S. Vermont is the first state to legalize recreational use of marijuana, and more states are expected to follow.

The market for cannabis products will be huge in the near future. According to a report by Globe Newswire, the market for the legal use of marijuana is expected to reach $23.4 billion by 2022 in the U.S., and the industry is expected to employ half a million people in full-time jobs.

Tom Adams, editor-in-chief at Arcview Market Research, expects that the worldwide market for cannabis will hit $32 billion by 2022. Canada has already legalized the recreational use of pot, along with Uruguay. Germany has allowed the medical use of cannabis. These rapid changes are forcing experts to predict that marijuana will become legal in some form or another in the near future, which means there is a huge opportunity for businessmen and investors.

A report by Inlander also suggested that the legalization of industrial hemp may open the doors for the eventual acceptance and legalization of marijuana. With the new Farm Bill, there is scope for more investments in the research of CBD. Hemp is nonpsychoactive, which should help keep protesters against the use of drugs at bay.