Photo: BSIP/UIG via Getty Images

The farm bill that President Trump signed into law yesterday legalized hemp, although it will be highly regulated.

Why it matters: Hemp is defined as the cannabis plant, which also produces marijuana. However, the distinction is that hemp cannot contain more than 0.3% THC — the chemical that gets people high. The legalization will promote research into hemp's uses, including as a medical product.

What happens next: While 33 states have legalized medical cannabis use, changes in federal law have lagged behind. Some advocates hope this is a step toward larger federal marijuana reforms.

The FDA issued a statement reiterating that it still has the authority to regulate cannabis products, and that it will take enforcement action against companies illegally selling these products.

  • It will also be examining how to make approval pathways for cannabis products "more predictable and efficient," FDA Commissioner Scott Gottlieb said.

Go deeper with Brookings' explainer on the new hemp law

Go deeper

36 mins ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.