If you’ve been following Benzinga lately, you know there's been plenty of action in what we call the Hemp vs. Cannabis national debate.
Recent collisions include Florida, where hemp companies are backing the anti-cannabis legalization stance of Governor Ron DeSantis (R) and Missouri, where a crackdown on unregulated hemp and cannabis products is on the rise.
The latest escalation occurred recently California Governor Gavin Newsom (D) proposed an emergency ban on a range of hemp-derived products.
The announcement sparked both surprise and frustration among industry members, including Cheech and Chong's Global Holding Company, the US Hemp Roundtable.
Cornbread Hemp co-founder Jim Higdon wrote an Op-Ed published by Marijuana Moment in which he called for a unified front including the cannabis and hemp industries. Higdon criticized both Newsom and Florida hemp manufacturers, calling them plain “wrong.” Cornbread is a Kentucky-based company that produces full-spectrum hemp oils.
"I can't speak to Gov. Newsom's motives, but his ban on all hemp products goes way beyond his stated goal of eliminating youth access—a simple 21+ age mandate would do that," Higdon told Benzinga in an email. He also addressed the motives behind hemp interests backing DeSantis.
"There is no doubt a link between bad manufacturing practices and those in the hemp industry who would rather us stay unregulated. The only way to eliminate bad manufacturing practices is with good regulations. Prohibition will only make matters worse," Higdon said.
Members Of Cannabis And Hemp Industry Unite
Instead of backing the hemp industry into a corner or maintaining cannabis prohibition as is the case in Florida, Higdon advocates for a unified strategy.
"It's time for us all to unify as cannabis interests to advocate for a cohesive federal regulatory pathway that covers all cannabinoid products, starting with full-spectrum CBD and other hemp products legalized under the 2018 Farm Bill," he said. He added that hemp products are not inherently synonymous with bad practices or "gas station weed."
Higdon warns that Newsom's hemp ban could in fact push consumers into dispensaries where products are not always regulated for safety, especially regarding pesticide use. Many hemp buyers are medical marijuana patients who rely on specific products that may become harder to access if suppressive policies continue.
There's also room for improvement on the cannabis side of the equation, Higdon noted. "The only way for Californians to ensure their cannabis products are free of pesticides is with the USDA organic seal,” something only hemp products can obtain.
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Government's Regulatory Failures
According to Higdon, the root problem is the lack of action from the Food and Drug Administration (FDA). Without federal regulation, both hemp and marijuana products exist in a regulatory limbo.
Full-spectrum CBD products, which naturally contain small amounts of THC, offer benefits that isolated CBD does not, but unclear regulations limit their reach.
Higdon argues that instead of focusing on state-level restrictions, the hemp and marijuana industries should collaborate to push for a unified federal approach. His message echoes earlier comments made by David Culver of the US Cannabis Council in an recent exclusive interview with Benzinga.
If you're interested in understanding the consequences of the ongoing dispute between the cannabis and hemp THC industries, you might enjoy reading Benzinga's series of articles on the matter. We invite you to dive in!
Cover photo of Jim Higdon, courtesy of Cornbread Hemp
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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