Hemp is cannabis, the same plant that we argue about called marijuana. Like all plants, in various degrees, cannabis has a rich enough genome to adapt to different environments.
The Farm Bill legalizes hemp throughout the US, provided it contains less than .3% THC. That makes it a shitty smoke, but it’s great for seed oil and fiber. When it was made illegal in the 70’s along with it’s cousin marijuana, the production and marketing facilities dried up, which have to be re-created for it to viable again. That will be tough, as replacements are now readily available.
The significance of this bill is that the US Government has finally acknowledged cannabis as a useful plant, and has created the language to deal with it. Now it can debate laws about it. But I still don’t see why we have to debate laws for a plant.
The immediate impact is going to be a plethora of scams involving hemp-derived oils and CBD.