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The CBD industry is constantly going through changes. New policies and regulations are a frequent part of this business and one of the things that can have a huge impact on our CBD ecosystem is a change of president. Well, that’s exactly what's happening.
2020 was a difficult year for everyone. Covid-19 sent the world into quarantine, civil unrest rocked the United States, and at the end of the year we found out who our new president will be. Even throughout the insanity of 2020, the CBD industry thrived.
People turned to CBD in their time of need and it proved to the world just how much cannabidiol products mean to people. Many wonder if this will influence president Biden’s perspective as he enters the whitehouse in 2021.
Humans have a long history of cannabis use. The earliest remnants of hemp fabric are believed to be around 10,000 years old. The first uses of hemp were for textile purposes, but it didn't take long for people to recognize its medicinal value.
Kings, Queens, and peasants have all utilized the power of cannabis. It's even widely believed that Queen Victoria used cannabis to help ease pains caused by menstruation.
In the early 1900’s, hemp was viewed as tough competition by growing textile industries in the U.S. In 1937, the Marihuana Act was passed. This act imposed unmanageable taxes on the production of hemp and effectively killed the industry. Eventually the production of any form of cannabis was completely prohibited.
This is a fantastic representation of how quickly things can change in the hemp industry. A new President undoubtedly means new policies. So, will Joe Biden hurt or help the hemp industry?
After thousands of years, hemp was made outlawed in 1937. Though American land-owners were once required by law to grow hemp, the plant had been demonized and heavily taxed.
Marijuana and Hemp were still utilized by large numbers of Americans who did so illegally. Some people utilized the plants for recreational purposes and some for medicinal purposes, but one thing everyone could agree on is that the plant had valuable effects.
In the early 2000’s, people really started to take notice of the medicinal potential of a specific cannabinoid called “cannabidiol”. This recognition can be largely credited to a girl named Charlotte Figi and her amazing parents.
Charlotte was a young girl who suffered 300 Grand Mal seizures per week. Doctors expected that she would die at any moment and though they tried countless pharmaceutical options, nothing worked. Charlotte’s parents were at a loss, but instead of giving up, they decided to try giving her CBD. The results were incredible. The seizures were reduced from 300 per week to just a few per month.
Charlotte's incredible results shook the world of cannabis. People were absolutely amazed and scientists wanted answers. Suddenly the world was aware of CBD and its incredible potential.
In 2018, the Farm Bill passed under the reign of Donald J. Trump. This bill legalized the production of industrial hemp in the United States. There are a few important stipulations in this bill that all manufacturers must follow.
All industrial hemp grown for the production of CBD must legally contain 0.3% THC or less. This ensures that the hemp is 100% non-psychoactive and will not have any intoxicating effects on the user.
Donald was not an avid CBD or cannabis enthusiast. He was a man that would do anything to gain votes and public appeal. Though millions of Americans use CBD daily and it is a compound that has proven itself to have incredible potential, Donald ultimately signed the Farm Bill to win over the public.
Joe Biden and Donald Trump couldn’t be more different. Joe Biden is a liberal democrat who once ran a punitive anti-drug legislation and has a son who has struggled with narcotics addiction for years.
Donald Trump was a publicity hound who didn’t have any policy he wasn’t willing to fold on for public appeal. Even if Donald was anti-cannabis, the U.S is a cannabis-loving country, and if wanted to remain popular, he needed to be pro-cannabis as well.
Many people are happy that Joe Biden won the election and there will be no second term for Donald. The ironic thing is that many people in the hemp industry are excited even though there is potential for changing regulations.
Though Joe Biden has had a rigid anti-drug stance in the past, many believe that his stance on cannabis regulations will differ. CBD is one of the most popular health and wellness products on the American market. It draws serious revenue and it’s pretty hard to find anyone who is actually against the use of non-intoxicating CBD.
If you ask me, the CBD industry has a bright future under president Biden, and we should all get ready to witness the next boom in the CBD industry.
