Hemp products are set to be big in the coming years, especially as consumer appetite for psychoactive products increases. This is all thanks to the 2018 Farm Bill which legalized hemp and derivatives with low concentrations of no more than 0.3% THC.
As hemp intoxicants proliferate markets across the country, however, concerns among hemp business owners that the upcoming farm bill may adversely affect the hemp beverage market are increasing. It doesn’t help either that states such as Montana have already imposed laws that prohibit the sale of any product with more than 0.3% THC at state-licensed dispensaries.
Hemp is a source of cannabidiol (“CBD”), which can be converted into psychoactive delta-8 THC. With further synthesis, the compound can be synthesized into delta-9 THC. Delta-9 THC could be used to produce infused products such as gummies, which are identical to state-regulated products.
While both compounds are safe for consumption, delta-9 is significantly more potent than delta-8. In addition, delta-9 also has more side effects when consumed in comparison to delta-8 THC.
When legislators legalized the production of hemp with the farm bill, they probably didn’t expect the creation of this new market. This explains why there are no regulations on intoxicants such as delta-8 THC. The uncertainty has left business owners in a gray area that’s even more confusing than the regulated cannabis industry.
For its part, the U.S. Food and Drug Administration (“FDA”) released a statement declaring that THC derived from hemp had severe health risks. The U.S. Drug Enforcement Administration (“DEA”) has also hinted that it doesn’t consider extracts from hemp to be legal.
Despite this, federal regulators are yet to take any official action on the intoxicants.
Some assume this is because Congress is set to discuss the next farm bill, which could clear up this gray area. At the moment, however, no one knows when this might be or even what might happen after.
In theory, Congress is required to renew the farm bill every five years. Provisions under the 2018 Farm Bill began to run out in September 2023. Since then, no proposals on a new farm bill have been made and no draft measures tabled.
The 118th Congress has not indicated whether it will approve a farm bill this year. If and when a new bill is approved, it remains an open question whether legislators will tackle the hemp-derived cannabinoid market they accidentally allowed to thrive.
As of 2022, the industrial hemp market in the United States was valued at $6.8 billion. This is expected to reach $18.1 billion by 2027.
Leading cannabis companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) would be comfortable with clear regulations for all hemp derivatives, so that they can make informed decisions on whether to involve themselves in the production of those products.
About HempWire
HempWire (“HW”) is a specialized communications platform with a focus on hemp-related news, information, and the latest developments in the hemp sector. HempWire is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, HW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, HW brings its clients unparalleled recognition and brand awareness. HW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from HempWire, text “HempWire” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.HempWire.com
Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.HempWire.com/Disclaimer
HempWire
Denver, Colorado
www.HempWire.com
303.498.7722 Office
[email protected]
HempWire is powered by IBN
