CBL is a nonintoxicating cannabinoid. As such, it does not possess psychotropic properties and does not provide the euphoric "high" typically associated with delta-9 THC. 

Following the 2018 Farm Bill, hemp-derived CBL is federally legal. Though state-specific regulation is possible, there hasn't yet been any developments on this end. 

For the time being, CBL remains relatively understudied. As a result, its pharmacological properties have not been properly defined. However, researchers suggest that it might provide similar benefits to CBD (anti-inflammatory, antioxidant etc).