According to several sources, Obama has just signed into law the Agricultural Act of 2014, effectively legalizing the growing and researching of industrial Hemp in key states.
Agricultural Act of 2014
http://agriculture.house.gov/sites/r...ralAct2014.pdf
"Sec. 7606. Legitimacy of industrial hemp research."
Hemp, Inc. Applauds President Obama for Legalizing Industrial Hemp
Read more:
http://www.nasdaq.com/press-release/...#ixzz2sxzTEYP3
"2014 Agricultural Act into law which contained a provision making it legal, under Federal law, for universities and state agricultural departments to grow and research the industrial properties of hemp without penalty, in states where the once controversial crop is legal."
"The Farm Bill's provision on industrial hemp allows states to draft their own administrative rules, which means they have the flexibility to outsource cultivation to local farmers and can begin growing as soon as the local rules are accepted. According to the bill, there is no cap on the amount of hemp that can be grown, or for the size of a research facility."