The bill, which currently sits on the governor's desk, is based on the 2013 federal Farm Bill, which allows states to write their own laws to grow hemp for research purposes. Though that research must be tied to a university or an agriculture department, states like Kentucky also allow private farmers to grow hemp, as long as they're contracted with the state or a university.
http://www.sfreporter.com/santafe/article-10143-if-signed-how-narrow-will-state-interpret-hemp-law.html
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