I do not think it will pass it would cost the industries billions which is one of the reasons it was banned in the old days.
In the old days it was used for rope, for cloths, baskets, wood, oil for lamps and for medicine. In the world today with the knowledge that cancer cells just hate bcd oil it would kill the chemo industry and the list goes on and on..
Right now it is used for medicine and recreation but when there are zillions of unused parts of the plants left over and they begin to see profit can be made off the whole plant it will be hard for industry to compete with a raw stock that is free.
If people were smart, they'd just change with the time and support the new industries. Cannabis is a thriving industry on its own, and hemp could be as well if people just changed their outlook a little bit and got their minds out of the 20th century.