As I understand, and correct me if I'm wrong, THC may have...

As I understand, and correct me if I'm wrong, THC may have beneficial effects but because it is psychotropic it is the illegal bit. Hemp was re-permitted in the early 90's on the argument that it contains less than 2% (or maybe 0.2% or whatever) THC. Basically, that it is physically impossible to ingest enough of it to get high. I believe that was the argument that circumvented the original prohibition, which arguably targeted the hemp industry when nylon manufacturers were lobbying US and other governments to have their main competition taken out.