Commercial hemp is a new agricultural market in the United States, but like all crops, it will eventually become a staple crop. The National Hemp Production Program has been established to provide federal oversight of hemp production in the US. The Department of Agriculture (USDA) will approve plans submitted by states and Indian tribes for domestic hemp production and establish a federal plan for producers in states or territories of indigenous tribes who choose not to administer a specific state or tribal plan. The Drug Enforcement Administration (DEA) still includes industrial hemp in its list of controlled substances, so growers and sellers must have a license from their state.
Hemp-derived CBD has seen a decrease in price due to an oversupply, and companies are looking to the future of cannabis as a commodity if it is federally legalized. The UN Drug Treaty is the main barrier to global trade. Recreational cannabis is similar to the alcohol industry, medical cannabis is similar to pharmaceutical products, and industrial hemp can be used for industrial applications, medical products, or even recreational use. Once there are internationally agreed standards, prices can be set for types and categories of products, allowing for global commodity trading.
Hemp is the only aspect of the three that is currently found at the global commodity level, and import and export are legal in the US. The USDA has issued regulations and guidelines to create a regulatory framework surrounding hemp production in the US. Before cannabis products can be sold as commodities around the world, three essential pieces of the puzzle must be put together.