The 2018 Farm Bill Hemp has passed! What a great way to end the 2018 year! On December 20, 2018 President Donald Trump signed the Agriculture Improvement Act of 2018 , legalizing the production and marketing of industrial hemp, a revolutionary step for an industry that has had to maneuver conflicting laws, restrictions on marketing, and financial disruptions.
So How Does The 2018 Farm Bill Hemp Change The CBD Industry..?
With the legalization of industrial hemp production and its removal from the government's controlled substance list, the bill “...allows states to become the primary regulators of hemp cultivation, enabling researchers to apply for federal grants and makes the crop eligible for crop insurance” Daniels, Jeff “Hemp legalization included in new farm bill could ‘open the floodgates’ on nascent industry” 07 Dec. Yet, the best news--in our opinion, is the regulations that will help weed out (pun intended) good companies vs the not so good ones.
For example, The State of Indiana has some unique requirements for companies selling CBD products. Lawmakers in Indiana have included the labeling requirements to help consumers understand what is in the products that they intend to buy. Using a QR code, which is a scan-able label that can be accessed by using a smartphone, consumers will have direct access to lab results for that specific product. With the introduction of the Farm Bill 2018, QR codes will most likely be required in every state, not just Indiana.
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The Power of Marketing…& The Power of CBD
Two powerhouses that until now did not see eye to eye. Marketing, for any business, is essential; however, in the CBD industry navigating the marketing components has not been an easy task. Yet, with the federal legalization of industrial hemp production change is already here. One of the biggest challenges for online E-commerce merchants of CBD products is the ban on paid advertising through major platforms such as Facebook, YouTube, and Google; however, that is expected to quickly change with the new 2018 Farm Bill. This change will revolutionize the industry that is expected to top $20 billion by 2022.
Take My Money!
Say goodbye to the reluctance of credit card vendors and the disruption in financial transactions. It’s expected for credit card processing to become much easier with the 2018 Farm Bill. Especially online transactions which can be a BIG hassle right now for consumers. Many companies, including ourselves, use a credit card processor based overseas. Unfortunately, the use of this method increases the risk of transactions getting declined and customers having to call directly to place orders if they are unable to do so through online portals.
We’re crossing our fingers for this to change ASAP!
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*2019 update: GoGreen Hemp now has a domestic processor!
Let’s Talk Businesses...
Or more like business opportunities! The 2018 Farm Bill won’t just change the CBD industry...it’s going to expand it! Business owners, stores, and distributors are expected to carry CBD products with less hesitation. Expect the accessibility of CBD products to bloom over the next couple of years. Whether you are a loyal user of CBD products or you are new to them, expect great things from the industry. For a detailed list of our products click here. If you are a business owner or store and would like to get in contact with our sales team send us an email at firstname.lastname@example.org