Over the last couple of days, the hemp industry in Georgia has been grappling with new regulations that recently went into effect. As of Oct. 1, 2024, the sale of hemp pre-rolls and hemp flower was prohibited in the state of Georgia.
The Georgia Hemp Co.’s managing partners, Ryan Dills and Joe Salome, revealed that THCA flower was very popular among consumers. The new regulations will affect product sales, with Salome revealing that the public wasn’t fully aware of the ban.
This means that consumers who didn’t stock up on the product before the regulations went into effect may either return to the illicit market or purchase the products via e-commerce.
With 70% of profits generated by hemp operators coming from smokable hemp sales, it is expected that some hemp operators will be greatly impacted. Industry stakeholders believe that the new regulations could cause some businesses to shut down.
Cannacore Group founding partner and attorney, Paula Savchenko, argues that the new rules may force some operators out of the state. Savchenko, who said the regulations were the strictest she had seen, revealed that they affected roughly 80% of products displayed by retailers on shelves.
She also discussed the problem retailers would have when it came to what to do with the products after the rules went into effect, especially since they couldn’t sell them. To help, she advised operators to consider distribution channels outside the state.
According to the state’s agriculture department, hemp operators in the state are required to be in possession of one of the following types of licenses:
Additionally, employees who manufacture consumable hemp products must be at least 21 years of age while consumers also need to be 21 years or more to make purchases. The new rules also direct all operators to test their products using a lab licensed by the state and use QR codes to provide Certificates of Authenticity to consumers. This helps target products sold through convenience stores and gas stations, making it harder for those who aren’t above board to conduct their operations.
These changes come as operators in South Georgia struggle to recuperate after Hurricane Helene hit the region, also affecting the Carolinas and north Florida. Hemp farmer John Downs revealed that he lost two-thirds of his crop after the hurricane.
There is a flurry of activity in numerous states around the country regarding the way hemp derivatives should or shouldn’t be regulated. This fluidity in the regulatory landscape could be causing some concern among established businesses, such as Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ), that are engaged in extracting hemp compounds, including CBD.
NOTE TO INVESTORS: The latest news and updates relating to Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) are available in the company’s newsroom at https://cnw.fm/SFWJ
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