- United States
- Wisc.
- Letter
The impending ban on hemp products poses a significant threat to our agricultural sector and economy. We must act swiftly to federally legalize hemp, CBD, THC products, and marijuana to safeguard billions of dollars in revenue and protect the livelihoods of our farmers and the choices of adult consumers.
The hemp industry has become a vital part of our agricultural economy since the 2018 Farm Bill legalized hemp cultivation. Farmers across the nation have invested heavily in this crop, seeing it as a promising avenue for diversification and increased profitability. The looming ban threatens to undo all of this progress, potentially devastating rural communities that have come to rely on hemp as a staple crop.
Moreover, the CBD market has exploded in recent years, with products ranging from oils to edibles becoming increasingly popular among consumers seeking natural wellness solutions. A ban on these products would not only harm businesses but also deprive millions of Americans of products they've come to rely on for their well-being.
The potential economic impact of this ban cannot be overstated. The hemp-derived CBD market alone was valued at $4.7 billion in 2020 and is projected to reach $15.7 billion by 2027. This growth represents jobs, tax revenue, and economic stimulus that our country simply cannot afford to lose, especially as we recover from recent economic challenges.
Furthermore, legalizing marijuana at the federal level would bring numerous benefits. It would generate substantial tax revenue, create jobs, reduce unnecessary incarcerations, and allow for better regulation and safety standards. States that have already legalized marijuana have seen positive economic impacts and reduced strain on their criminal justice systems.
I urge you to take immediate action to introduce or support legislation that would comprehensively legalize hemp, CBD, THC products, and marijuana at the federal level. This action would protect our farmers, preserve consumer choice, and secure a significant economic sector. Time is of the essence – we must act before the ban takes effect and causes irreparable harm to our agricultural communities and economy.