Despite prohibition, the U.S. is already home to an active and thriving hemp industry, although much of it is confined to individual states because of the laws. Legalization means that U.S. farmers will now be able to grow the crop, and existing hemp companies will be able to expand unabated and undeterred by the potential for federal intervention.
In 1937, federal prohibition of cannabis as we know it today began with the Marihuana Tax Act. Some believe that the anti-cannabis campaign was a joint effort by Andrew Mellon, William Randolph Hearst and Pierre Du Pont to protect their business interests in petrochemicals, paper, cotton and nylon, all of which faced serious competition from hemp alternatives. Others believe that the crusade against cannabis was fueled by racism and the desire to demonize Mexican immigrants. In either case, the plant should never have been outlawed.
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Attorney General Jeff Sessions didn’t have hemp in mind when he repealed Obama-era protections for state-legal marijuana businesses. But his Jan. 4 announcement sent shock waves into the hemp industry, too, leaving entrepreneurs scrambling to reassure skittish investors. It’s been a rocky couple of weeks for hemp entrepreneurs. That’s despite the fact that hemp’s legal […]
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