OWEGO, N.Y. -- Farmers are hoping regulations on the hemp industry could soon be lifted.

Senator Chuck Schumer was in Owego Friday morning, introducing the Hemp Farming Act of 2018.

If passed, industrial hemp would no longer be classified as a controlled substance.

The act would also shift control to the states and allow hemp researchers to apply for federal grants.

Farmers would then be eligible for crop insurance.

Producers of industrial hemp say lifting regulation could bring billions into the state.

"We've got companies lined up to develop crossing facilities, retail businesses and move their operations from other states right into New York because of the regulatory climate because the tax incentives are here in New York," said Kaelan Castetter, Castetter Sustainability Group CEO.

Schumer hopes to have the bill passed by October 1st.