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Congress Moves to Close Hemp THC Loophole as Industry Seeks Regulations
The industry says the 0.4 milligram THC cap would cut $28.3 billion in revenue and eliminate 225,000 jobs, according to Whitney Economics.
- America's multibillion-dollar market for hemp products faces potential elimination as Congress moves to close a legal loophole, with President Donald Trump delaying the ban until Dec. 11.
- Kentucky Republican Sen. Mitch McConnell championed the 2018 farm bill to support farmers, but the law's definition of hemp as having less than 0.3% delta-9 THC by weight inadvertently created a massive loophole.
- Whitney Economics reports the ban "threatens to reduce retail revenues by $28.3 billion, displacing 225,000 jobs and reducing state sales tax potential by $2.1 billion," while the industry expects to generate $65 million this year.
- Drinkin' Buds co-founder Matt Swanson mothballed production on Thursday, stating "there's just so much uncertainty," while Cornbread Hemp owners Eric Zipperle and Jim Higdon prepared to cap products at 5 milligrams to win support.
- If the ban takes effect in Dec., Zipperle says "this place is toast," as critics warn the proposed 0.4-milligram limit would ban even non-impairing CBD products like topical lotions.
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33 Articles
33 Articles
A $28B hemp THC industry is fighting to save itself from a looming federal ban
In a commercial kitchen outside Raleigh, North Carolina, Nicholas Hohns spreads a blue-green goo into a gridded mold, making one of his company’s signature products: potent THC gummies, featuring the primary intoxicating compound found in marijuana. It’s a business he might soon have to give up. America’s multibillion-dollar market for impairing hemp products
·Chevy Chase, United States
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A $28B hemp THC industry is fighting to save itself from a looming fed
In a commercial kitchen outside Raleigh, North Carolina, Nicholas Hohns spreads a blue-green goo into a gridded mold, making one of his company’s signature products: potent THC gummies, featuring the primary intoxicating compound found in marijuana .
·Baltimore, United States
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Coverage Details
Total News Sources33
Leaning Left16Leaning Right4Center11Last UpdatedBias Distribution52% Left
Bias Distribution
- 52% of the sources lean Left
52% Left
L 52%
C 35%
13%
Factuality
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