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15 Ky. J. Equine Agric. & Nat. Resources L. 1 (2022-2023)

handle is hein.journals/kjequinan15 and id is 1 raw text is: 









    The  Federally   Regulated   Decline,  Rebirth,  and
    Decline of the United States Hemp Industry


 Henry Webb, Patrick R. Baker, Paula H Moore,
                  and   Karen   Scanlon*

                          ABSTRACT

       This article considers the United States hemp industry,
including how  it has fared in an uncertain federal regulatory
environment   from  the  Civil War   to the  present, several
continuing barriers to its success, and two  proposed federal
laws, the SAFE  Act and  the STATES   Act, which are intended
to  remove   one  of those  barriers-an  inability to  obtain
traditional financing from United States financial institutions.

                       INTRODUCTION

       Prior to the United States Civil War, hemp, which is
the common   term for the Cannabis sativa Linnaeus  plant and
its fiber when used for industrial, non-recreational purposes,
was  considered to be  a cornerstone crop of United  States
agriculture.1 However, in the mid-1800's, federal law began to
regulate the visually identical psychoactive cousin of hemp,
marijuana,  causing the  hemp  industry  to decline.2 In 1970,
hemp  was lumped  in with marijuana as a Schedule 1 controlled
substance under  the Controlled Substances Act.3
       When   the federal regulation of hemp finally began to
ease in the 2010s with the enactment of the Agricultural Act of
2014,4 the Agricultural Improvement   Act of 2018,5 and their
implementing  regulations, the hemp industry began a dramatic
resurgence. That  resurgence was  short-lived, however, as by
2021, continuing regulatory uncertainty, and a number of other

       *The authors are, respectively, Henry Webb a Professor of Business and
Legal Studies at Palm Beach Atlantic University, Patrick Baker an Associate Professor
of Law at the University of Tennessee Martin, Paula H. Moore a Professor of
Accounting and Law at the University of Tennessee Martin, and Karen Scanlon a
student at the University of Tennessee Martin (UTM Class of 2022).
       ' ORGANIC CONSUMERS ASS'N, IndustrialHemp Gains GroundIn Four States
(2022),        https://organicconsumers.org/industrial-hemp-gains-ground-four/
[https://perma.cc/S8RZ-YS73].
       2    Busted-America's  War     On     Marijuana,   PBS,
https://www.pbs.org/wgbh/pages/frontline/shows/dope/etc/cron.html
[https://perma.cc/2CUS-M8X7] (last viewed Aug. 15, 2023).
       a 21 U.S.C. § 801 et. seq.
       4 Agric. Act of 2014, Pub. L. No. 113-79.
       1 Agric. Improvement Act of 2018, Pub. L. No. 115-334.

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