Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellGraham: GOP will confirm Trump's Supreme Court nominee before the election Trump puts Supreme Court fight at center of Ohio rally The Memo: Dems face balancing act on SCOTUS fight MORE (R-Ky.) announced a new bill on Monday that would legalize hemp as an agricultural product.

The Hemp Farming Act of 2018 would legalize hemp, removing it from the federal list of controlled substances and allowing it to be sold as an agricultural commodity, according to WKYT.

"Hemp has played a foundational role in Kentucky's agriculture heritage, and I believe that it can be an important part of our future," McConnell said in a statement.

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If approved, the act would allow states to control their own hemp regulations by removing federal restrictions. WKYT also reported it would give hemp researchers the ability to apply for grants through the Department of Agriculture.

McConnell announced the bill with Republican Kentucky Agriculture Commissioner Ryan Quarles. The bill is being co-sponsored by Sens. Ron Wyden Ronald (Ron) Lee WydenGOP set to release controversial Biden report Democrats fear Russia interference could spoil bid to retake Senate GOP senator blocks Schumer resolution aimed at Biden probe as tensions run high MORE (D-Ore.) and Rand Paul Randal (Rand) Howard PaulSecond GOP senator to quarantine after exposure to coronavirus GOP senator to quarantine after coronavirus exposure The Hill's Morning Report - Sponsored by National Industries for the Blind - Trump seeks to flip 'Rage' narrative; Dems block COVID-19 bill MORE (R-Ky.)

Kentucky is currently conducting a pilot program through the Department of Agriculture to grow hemp, WDRB reported Monday.

A team at the University of Louisville began harvesting the crop on campus in 2016 to study its use as a biofuel and energy source.