U.S. Congress Votes To Delay Hemp THC Product Ban
U.S. Congress Votes To Delay Hemp THC Product Ban
The political hemp THC product roller coaster ride continues in the United States, with the House of Representatives voting this week to approve a measure that will delay a federal ban on hemp-derived THC products. The measure was already approved by the U.S. Senate, and now heads to the president’s desk for final approval.
“The provision is part of legislation, which cleared the House in a 370-48 vote on Tuesday, to keep the federal government funded through December 11—past the end of the current fiscal year on September 30. If enacted into law, the effective date of the hemp product ban would also be moved to December 11.” Marijuana Moment reported in its original coverage.
“The funding bill’s provision to delay the ban, which is supported by the White House, contains a carve-out to allow the immediate recriminalization on November 12 of synthetic cannabinoids “that are not capable of being naturally produced by a Cannabis sativa L. plant.”” the outlet also reported.
After the adoption of the 2018 Farm Bill, which legalized hemp production nationwide in the U.S., consumable hemp products containing THC increased exponentially in availability and popularity across the country. Such products became particularly popular in states that have yet to legalize adult-use cannabis product sales.
Hemp-derived THC beverages are just one example of the emerging consumable hemp products market in the United States. According to Whitney Economics, as of late last year, “the total potential market is valued, conservatively, at between $9.9 billion and $14.9 billion” and “there are roughly 500 – 750 brands in this space nationally, roughly 200 of which were selling via marijuana dispensaries.”
Also, as of last year, between $19.1 and $22.4 billion in economic activity was generated by the Texas hemp-derived cannabinoid retail, manufacturing, and wholesale sectors, according to the Texas Hemp Business Council.
“It’s very challenging to operate our companies when there’s so much indecision out there,” retired NBA player Al Harrington, who co-founded Viola with fellow former NBA player Allen Iverson, recently told MJBizDaily. Harrington’s company sells hemp-derived products in several state-level markets.
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