Hemp economic impact and legalization Research Paper

Hemp economic impact and legalization - Research Paper Example Hemp is a relatively important crop and basing on its different uses it could replace a larger variety of environmental unfriendly crops to enhance economical productions. The forces behind the keeping of hemp illegalization are rather political not environmental in nature. The ability of this product and the byproducts of it are rather scary to many industries especially the petrochemical, liquor and tobacco industries. The fact is that the legalization of hemp would put money in the hands of the farmers and hence totally restructuring our national economy. An article published in 1937 titled â€Å"Hemp: The New Bilion-Dolar crop† named over twenty five thousand possible uses of the hemp plant. This is because it is; a type of Marijuana which cannot get one high could be the reason as to why its popularity still lags behind. Many efforts by different scholars and business people to prove the viability of the product to the economies of the world have been enhanced through var ious ideas. However, there exists some controls over the whole idea since it is described under drugs whose consumption needs control. Despite the fact that this product remained illegal did not deter it from becoming one of the most affecting in the economy of the States in a positive way. This remained so until its legalization through an announcement made by the U.S. Attorney General Eric H. Holder Jr. This came in form of a memorandum that specified that the federal government would not consider it a priority any longer to prosecute the users or traders of the product that broke federal law but complied with State laws concerning this product (Kayla 6). That was so and publicized on the October 19, 2009. This came, as a relief to the people that put the product to different uses inclusive is those that use it for medical purposes. This did not go well with everybody. Some people looked at it as a wrong shot to the U.S. since it was encouraging the breech of Federal laws especial ly those affecting the drug. This simply relates that hemp is a legal item on one hand and yet still illegal on the other. Its legalization has had both positive effects and negative effects to the economy based on the consumption and need that drives one to it. Recent developments show the highly developing and revolving relationship between hemp and humanity. This movement has seen the development of the modern industrial hemp industry that depicts by the presence of hemp clothing, paper, seed-oil products and building materials (Rowan, 2). These developments have had a positive impact to the economies of the world generally specifically in Santa Barbra. The industries surrounding the development of these products that evolve form hemp have had a positive impact on the economies since their development and hence developing trade in the regions from which they hail. A healthy hemp rally circuit gave entrepreneurs in this product the impetus to go deep in investing in this product. This backed by their literature distribution and wears that accompanied the rallies to ensure that they spread the word about their product all over (Rowan, 4).this further bolstered by the formation of the hemp council started in the Los Angeles in 1991. In 1992, a vast number of companies were already in place and hence the success of the plant. The success, quality and economic advantages of the product