Post date: 11/29/2018

The Speaker of the House, Paul Ryan, has expressed his support towards legalization of CBD oil in the United States. This is not the first time he is supporting CBD, in 2015, he was interested expressing the importance to industrial hemp.

In a recent conference, the Speaker stated that CBD oil, an important component extracted from the cannabis plant, should be legalized for medical purposes. CBD being used for the treatment of seizures and other illnesses. During the month of August, a medicine named Epidiolex was legalized and approved as Schedule V medicine by the Food and Drug Administration (FDA).

Along with Epidiolex, there are many other medicines that are widely used for treating rare epilepsy and so on in the US. All of these medicines contain a limited amount of CBD or cannabis components. However, as cannabis is still not legalized or there are no proper marijuana banking solutions available, it is difficult for the medicine manufacturers/cultivators to produce and sell medicine that contain CBD or cannabis components.

The Speaker, Ryan has also supported industrial hemp that is frequently used in various other medicines. However, Paul did not mention about full legalization of cannabis or marijuana. He only supported the use of cannabis in the medical industry.

The increasing rate of cannabis in the medical industries leads to the establishment of companies that privately provide cannabis payment processing systems for the sellers, buyers, and dispensaries that sell product for recreational or medical use. These private companies are offering all sorts of payment processes to the small-medium sized businesses and those who are vertically integrated. Credit card, debit card, gift card, a point of sale machines and other banking solutions are offered by these merchant accounts’ companies.

In the United States, the Federal Law has not legalized the use of cannabis yet. However, different states like California, Oklahoma, and others have made it legal for the medical as well as recreational use. Recently, a spokesperson has stated that after the next election, the House will look into the matter of cannabis legalization.

Now, the Speaker of the House has expressed his interest in legalizing CBD oil in the medical industry along with industrial hemp. This may lead to the federal law legalizing cannabis in the medical industry. Though, there is not any confirmation regarding the same from the House of higher authority, yet, the sellers are hopeful about this comment of the Speaker on Cannabis.
Meanwhile, the merchant services for cannabis businesses are growing in the nation as the industry is rapidly showing growth across the nation.

 

Reference Link:

  1. https://www.cannalawblog.com/paul-ryan-supports-legalizing-cbd-and-industrial-hemp/
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