Last week Americans were at the polls casting their vote in the 2018 midterm elections. Though the implications for the Democratic Party majority’s retaking the House of Representatives are still taking shape, one consequence of the elections could be a revival of the 2018 Farm Bill, which contains an amendment that would fully legalize hemp production in the United States.
Championed by Republican Senate Majority Leader Mitch McConnell, the amendment has gained broad support from both Republicans and Democrats, many of who see a revived hemp industry as a remedy to sagging soybean prices and economically hard-hit rural communities. r, the overall bill has stalled in Congress due to contention between House and Senate Republicans over a rider to the bill.
Specifically, the debate is in deadlock over entitlement reform: Some House Republicans want to impose stricter work requirements for Supplemental Nutrition Assistance Program (SNAP) recipients, and are using passage of the omnibus legislation as leverage.
Enter the midterm returns: The House Democrats’ electoral victories automatically erode some of the negotiating leverage that the Republicans enjoyed a week earlier.
Now the GOP opposition faces a Democratic majority next session, Rep. Collin Peterson (D-Minn.) believes that House Republicans may be more willing to compromise. As the ranking Democratic member and presumptive incoming chairman of the House Agriculture Committee, Peterson sees passage as an imperative.
If Congress passes the Farm Bill with McConnell’s amendment, the effect on the hemp industry would be tremendous. Major U.S. companies like Walmart and Coca-Cola are rumored to be considering making an entry into the CBD market, and the passage of the 2018 Farm Bill would most likely push them to the decision.
