In 1970, the U.S. government passed the Controlled Substances Act, a statute that regulates all cannabis, including industrial hemp. However, the definition of marijuana was lifted from the existing 1937 statute and adopted without any change. This definition excluded certain parts of hemp — sterilized hemp seed, hemp fiber, and hemp seed oil — from regulation.
Your product is not generally recognized as safe and effective for the referenced uses and, therefore, the product is a “new drug” under section 201(p) of the Act [21 U.S.C. § 321(p)]. New drugs may not be legally introduced or delivered for introduction into interstate commerce without prior approval from the FDA, as described in section 505(a) of the Act [21 U.S.C. § 355(a)]; see also section 301(d) of the Act [21 U.S.C. § 331(d)]. FDA approves a new drug on the basis of scientific data submitted by a drug sponsor to demonstrate that the drug is safe and effective.
And now, onto the thorny issue of legality. The simple answer to the question is yes — if it is extracted from hemp. The 2014 Farm Bill established guidelines for growing hemp in the U.S. legally. This so-called “industrial hemp” refers to both hemp and hemp products which come from cannabis plants with less than 0.3 percent THC and are grown by a state-licensed farmer.