The Cannabis Regulators Association (CANNRA) sent a letter to Congress Friday suggesting specific changes its members would appreciate seeing in the 2023 Farm Bill. The nonpartisan association representing marijuana and hemp regulatory agencies from 45 states noted that proposed changes aim to help resolve many issues encompassing federally unregulated hemp-derived products in the hemp marketplace.
Donald Trump signed the Agriculture Improvement Act of 2018 (Farm Act 2018) five years ago, effectively legalizing hemp and hemp-derived products on the federal level. While the bill made it clear that plants to be considered hemp and not marijuana could have only 0.3% delta 9 THC, other important and related matters were not defined. For example, the legislation didn’t designate hemp-derived products – are they food, are they supplements? Without this, how are they going to be regulated?
Another important loophole that resulted from the 2018 Farm Bill was the question of delta-8 THC, a chemical component of the cannabis plant that can cause mild psychoactive effects similar to delta-9 THC. New industrial methodologies enable delta-8 THC to be converted from CBD derived from hemp. Products developed as a result of the 2018 federal Farm Bill that legalized hemp are therefore not subject to the same testing requirements as cannabis, creating a legal loophole.
What Now?
Anticipating a new Farm Bill, CANNRA called on Congress to consider the following:
-
Defining “Hemp-Derived Cannabinoid Products,” and THC in terms of both THCA and delta-9 THC.
-
Making it clear that the 0.3% THC threshold applies only to the plant and choosing a regulator to create thresholds for hemp-derived cannabinoid products.
-
Naming a federal regulatory agency with a timeline for implementing regulations to protect consumer safety.
-
Making sure that states are not preempted from going beyond federal policies (which should set minimum standards) to protect consumer safety and public health.
You can read the full letter here.
Bezninga Cannabis Capital Confrence
These and many other important industry issues will be discussed at the upcoming Benzinga Cannabis Capital Conference, the place where deals get done. This year the event is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo: Courtesy of Kindel Media and Paula Nardini by Pexels
© 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.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.