Hemp, Inc. has announced that the 2018 Farm Bill received an extension throughout 2024.
Hemp, Inc., recently reported in a press release that the 2018 Farm Bill obtained an extension through 2024 (1). The press release mentioned that the “extension of the 2018 Farm Bill involves its inclusion in a stopgap spending bill,” and that both Democratic and Republican parties from the US Senate and House Agriculture Committees had come to a mutual decision on the bill (1).
The 2018 Farm Bill which is usually passed every five years will now be extended until September 30, 2024 (1,2). Hemp, Inc., mentioned the importance the bill provides for the hemp industry (1), as “de-scheduling commercial hemp production and eliminating hemp from the Controlled Substances Act and has provided much-needed regulation for cannabinoids.” If the 2018 Farm Bill doesn’t pass, it could significantly harm the hemp industry.
“We want to get the Farm Bill done as soon as possible, hopefully before the end of [next] year,” Senator Boozman commented (1). “That doesn’t preclude us from getting it done [sooner]. But it gives us that time. And it gives the farmers the certainty that they will have a Farm Bill in place.”
Although the legislation has received an extension, it does still leave the hemp industry in a bind. A source commented to Hemp, Inc., that the delay on passing the bill, leaves stakeholders up in the air on their concerns and will have to stand by with their questions unanswered which could impact the industry (1). There is still hope though for the bill because of the extension. According to Hemp Today (2), “The next Farm Bill could also help the hemp industry by providing more USDA funding for state hemp programs, opening up hemp to subsidies other crops enjoy, repealing a ban on felons operating in the industry, and permitting hemp grain for animal feed.”
With the delay of approving a new farm bill, the hemp industry will be waiting the next nine months for an update unless new information comes sooner (2).