Empowering CBD & Redefining Industry Standards, New Hemp Legislation
A bi-partisan hemp bill, HR 3755, has been introduced in the U.S. House of Representatives, sponsored by Reps. Matt Rosendale and Chrissy Houlahan. The Industrial Hemp Act of 2023 proposes separating grain and fiber outputs from flower-derived products like CBD while removing background checks and mandatory sampling and testing for hemp fiber and grain growers. It also would prevent states and tribal governments from imposing stricter regulations on industrial hemp growers. According to Hemp Today, the bill maintains FDA control over CBD and other cannabinoids, allowing the agency to establish rules once Congress legalizes such products.
New Jersey Takes Action To Boost Social Equity In Marijuana Market
New Jersey's Cannabis Regulatory Commission has taken a significant step toward promoting social equity in the marijuana market. Starting from September 27 for a period of one year, the commission will exclusively consider applications for certain licenses from social equity applicants, wrote New Jersey Monitor. This initiative aims to increase the representation of individuals with prior marijuana convictions and those residing in economically disadvantaged areas. Commissioner Charles Barker emphasized the need to address the inequities caused by the drug war and ensure that these businesses, which have historically faced obstacles, have a fair chance to thrive in the industry.
Europe's Clarification On Hemp Leaves As Traditional Foods Boosts Industry's Revenue Streams
The European Commission's recent clarification on the status of hemp leaves as traditional foods has paved the way for a significant boost in the industry's revenue streams. Hemp leaves and tea-like products can now be freely traded within and among EU member states, providing a legal pathway for farmers, wholesalers and retailers to capitalize on this market. This decision, supported by the European Industrial Hemp Association (EIHA), is expected to bring substantial sales growth and further impetus to the industry, according to Daniel Kruse, the managing director of Hempro International.
New Hampshire Dems Split On Cannabis Legalization: To Wait or Strike a Deal?
The path to legalizing marijuana in New Hampshire has taken a new turn as some House Democrats express their preference to wait for Gov. Chris Sununu to leave office rather than reaching a deal on his terms. Some accept a state-controlled system as a first step while others want their preferred terms from House Bill 639. According to John Hunt, waiting for a future election is seen as an option to win majorities necessary for broader legalization, though it could prolong the process, especially in the State Senate.
Louisianans Overwhelmingly Support Marijuana Legalization, Survey Reveals
A recent survey by Louisiana State University (LSU) indicates that 70% of Louisianans support legalizing recreational marijuana possession for adults, with a substantial increase from 42% in 2013. Furthermore, 90% of respondents back the legalization of medical cannabis. These findings come as lawmakers work on enacting expungement legislation. (Margin of error: +/- 5.8%)
Image Credits: Bukhta Yurii and ChonnieArtwork on Shutterstock Edited By Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.