That's correct. But, Randolph Hearst led the campaign to ban hemp, by demonizing marijuana -- and hemp was banned along with marijuana.
The reason? Hemp is actually superior for pulping into paper, by several different metrics (paper per acre, number of times paper can be recycled, longer shelf-life for paper).
Hearst had significant holdings in timber, and he used his media empire to protect them, inflaming hysteria over marijuana to ban hemp.
First Databank, Inc. (FDB), a subsidiary of Hearst Corporation, is the top publisher of pharmaceutical information that is used within healthcare information systems serving hospitals, physician practices, other providers, payers, retail pharmacies, state health programs and others for the purpose of medication decision support and negotiating reimbursement rates paid to pharmacies and other providers.[1]
Kinda makes a feller wonder just how deep ol' Randy's inky tentacles stretched into the "legal" drug bidness, don't it.