A year before the Declaration of Independence was signed, pioneers planted the first hemp crop at Clark’s Run Creek in Danville. Fast forward to 2018, which looked to be one of the most momentous years in the history of this storied crop. That’s because President Trump signed the 2018 Farm Bill, and in doing so legalized hemp for the first time in 60 years.
It was a big victory for the commonwealth and for the man who delivered it, Senate Majority Leader McConnell. He had reopened the market for a crop that was cultivated by the great Kentucky statesman, Henry Clay.
Fellow Sens. Pat Roberts (R-KS) and Debbie Stabenow (D-MI) also hailed the bill for giving “certainty and predictability to rural America.”
Twenty months on, no one would describe the hemp industry as “certain” or “predictable.” The price of hemp has plummeted 70-85% since May as long-anticipated food supplement regulation has failed to arrive from the Food and Drug Administration. This despite Congress’s clear intent to make hemp-derived products fully legal under the 2018 Farm Bill.
With upwards of 92% of Kentucky hemp grown for cannabidiol, or CBD, the ongoing market fallout has been ugly. A leading extractor filed for Chapter 11 bankruptcy protection, citing hemp CBD’s ongoing residence in an FDA-imposed “regulatory purgatory.” In an early 2020 letter to the Kentucky federal delegation, Kentucky Agriculture Commissioner Ryan Quarles wrote, “the bureaucratic paralysis … is hurting this new space in Kentucky agriculture.” He went on to presciently warn, “we are going to have a lot of hemp without a market to sell it in, and many farmers will struggle financially in part to the bureaucratic inaction in Washington, D.C.”
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