Published • loading... • Updated
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.
Insights by Ground AI
90 Articles
90 Articles
What's next for the $28 billion hemp THC industry fighting to save itself from a federal ban
America’s multibillion-dollar market for impairing hemp products, including here in NC, faces elimination after Congress voted to close a loophole in the federal law that has allowed it to flourish. The post What’s next for the $28 billion hemp THC industry fighting to save itself from a federal ban appeared first on Cardinal & Pine.
Sen. Mitch McConnell closed a loophole in a hemp law he championed. Now a $28 billion THC industry that gets people high is fighting for survival
The industry hopes to save itself by restricting impairing products to people 21 and older, limiting how much THC can be in a package, and banning imported cannabis compounds.
·New York, United States
Read Full Article
A $28 billion hemp THC industry is fighting to save itself from a looming federal ban
America’s multibillion-dollar market for impairing hemp products faces potential elimination after Congress voted to close a loophole in federal law that has allowed it to flourish.
·Arlington, United States
Read Full ArticleCoverage Details
Total News Sources90
Leaning Left29Leaning Right13Center42Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 35%
C 50%
15%
Factuality
To view factuality data please Upgrade to Premium
