Elixinol Global (ASX:EXL), operating in the hemp, dietary supplements and emerging medicinal cannabis sectors, is thrilled that the President of the United States has signed the 2018 Farm Bill.
The Bill has now been fully passed and enacted into law.
As a result, hemp has been officially removed from the Controlled Substances Act, removed from the definition of marijuana, and will now be regulated as an agricultural crop.
This is a major victory for hemp CBD companies whose products are non-psychoactive like Elixinol's US-based business, as it removes any federal regulations preventing them from growing, marketing and selling hemp as an agricultural commodity.
The CEO says he expects this development will be looked at closely by governments of other countries, including Australia.
Shares in Elixinol Global (ASX:EXL) are trading 1.3 per cent higher at $2.43.