On April 12, 2018 U.S. Senate Majority Leader Mitch McConnell (R-KY) introduced the bipartisan, Hemp Farming Act of 2018 (H.R. 3530), which would legalize and clearly define hemp as an agricultural commodity and remove it from the list of controlled substances.
Hemp would be a legal substance, not be to confused with marijuana (pot), which remains illegal. Hemp has less than .03% of THC, which is the substance that is responsible for the high people get which smoking pot.
In addition to legalizing hemp under federal law, the Hemp Farming Act of 2018 will remove restrictions on banking access, water rights and other roadblocks that farmers and processors currently face.