CBD and THC: The 2018 Farm Bill and why it’s important for cannabis accountants

accounting cbd Aug 30, 2019

Here’s what to know about the recent legislation and how it affects THC and CBD

With the rise in popularity of legal cannabis products comes plenty of regulatory issues to keep up with, analyze, and implement as an accounting professional. Laws and regulations are changing almost daily, so staying in the know is of the utmost importance in keeping you and your clients out of trouble. Keeping up with THC and CBD regulations in the cannabis accounting space can be a daunting and seemingly hopeless task, but we’re here to help. Let’s take a look at some of the legislation that has affected the cannabis industry lately. 

The 2018 Farm Bill

Last December 20, Congress passed the Agriculture Improvement Act of 2018 (aka the 2018 Farm Bill), which declassified hemp as a Schedule 1 controlled substance (among other things). Considering that hemp can be any part or derivative of a Cannabis sativa L. plant that contains less than 0.3% THC, CBD would come off of Schedule...

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