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Thu Jun 7, 2012, 01:50 PM

Hemp Legalization Added To Senate Farm Bill [View all]

By Stephen C. Webster
Thursday, June 7, 2012 12:42 EDT

In a last minute addition to the Agriculture Reform, Food and Jobs Act of 2012, Sen. Ron Wyden (D-OR) has submitted an amendment that would legalize the production of industrial hemp, a potential new bumper crop for U.S. farmers.

“Industrial hemp is used in many healthy and sustainable consumer products. However, the federal prohibition on growing industrial hemp has forced companies to needlessly import raw materials from other countries,” Wyden said in prepared text. “My amendment to the Farm Bill will change federal policy to allow U.S. farmers to produce hemp for these safe and legitimate products right here, helping both producers and suppliers to grow and improve Oregon’s economy in the process.”

Allowing American farmers to produce industrial hemp, which is different from its more notorious cousin marijuana, would yield significant and immediate profits the first year, according to an analysis conducted in 1998 (PDF) by the Center for Business and Economic Research at the University of Kentucky.

Researchers found that farmers in the state of Kentucky alone could see between $220 to $605 in net profits per acre of hemp. Adjusted for inflation using the consumer price index, those 1998 dollars would actually be worth $310 and $854 today, although the study’s authors note that variables in supply and demand for hemp could change that valuation.

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http://www.rawstory.com/rs/2012/06/07/hemp-legalization-added-to-senate-farm-bill/

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