The attention being drawn towards CBD, a non-psychoactive compound from cannabis for its health benefits. Unlike THC, the psychoactive component of cannabis, CBD does not get you “high,” but is claimed to aid with various wellness problems. This has led to increased availability of the products such as the oils, tinctures, creams, edibles and the cosmetics to mention a few. Nevertheless, the legal aspects surrounding CBD are confusing, and vary from one country to another in Europe.
New regulations pertaining to the trade of hemp-derived cannabinoids within Tennessee are poised to take effect subsequent to receiving final endorsement from state legislators on Tuesday.
State House Speaker Cameron Sexton dispatched Senate Bill 378 to the office of Republican Governor Bill Lee, as indicated by a legislative database. It is anticipated that Governor Lee will affix his signature, thus enshrining the measure as law. The key provisions of the bill encompass the following:
Hemp-derived cannabinoid products must undergo meticulous laboratory analysis, conform to stipulated labeling requirements, and be packaged in a manner resistant to tampering by children.
Retailers engaged in the sale of hemp-derived cannabinoids are required to obtain a license from the state agriculture department no later than January 1, 2024.
The fee for a license issued to producers is established at $500, while retailers must remit $250. Producers were already subject to a preexisting licensing prerequisite.
Sales of hemp-derived cannabinoid products will be subjected to a novel “privilege tax” of 5%, the utilization of which state law expressly mandates “exclusively for the regulation of products containing a hemp-derived cannabinoid.
Violators found contravening the newly established regulations may face a fine of $1,000 or be charged with a misdemeanor offense.
Prospective purchasers of products incorporating hemp-derived cannabinoids are required to attain a minimum age of 21 years.
The state of Tennessee has aligned itself with a nationwide initiative aimed at exerting control over a predominantly unregulated market.
Certain states that have already legalized the adult use of marijuana have gone so far as to completely prohibit the sale and distribution of hemp-derived cannabinoids, including delta-8 THC.
Conversely, states such as Tennessee, where marijuana remains illegal, have duly recognized the surging demand for such products subsequent to their federal legalization under the 2018 Farm Bill.
In a significant development for the hemp industry, lawmakers in Virginia have given their approval to Governor Youngkin’s proposed amendments to hemp regulations. The amendments, aimed at streamlining the state’s hemp program and promoting growth in the industry, received widespread support from both sides of the aisle.
Focus on Hemp Industry Growth
Under Governor Youngkin’s amendments, several key changes will be implemented to enhance the hemp industry’s growth and create a more favorable business environment. One of the major changes is the introduction of a licensing program that will simplify the process for farmers and businesses to cultivate and process hemp.
The new licensing program will ensure that farmers can easily obtain permits to grow hemp, with reduced paperwork and shorter waiting periods. This move is expected to encourage more farmers to enter the industry and contribute to the overall expansion of hemp cultivation in the state.
Promoting Research and Development
Recognizing the immense potential of hemp in various sectors, Governor Youngkin’s amendments also focus on promoting research and development in the field. The updated regulations will establish a dedicated fund to support research initiatives related to hemp cultivation techniques, product development, and the identification of potential market opportunities.
By encouraging research and development, Virginia aims to position itself as a leader in hemp innovation, fostering collaboration between academic institutions, private companies, and farmers. This concerted effort will drive advancements in hemp cultivation methods, leading to improved crop yields and the development of high-value hemp-based products. Parallel to this agricultural innovation, the financial sector is seeing a surge in opportunities like crypto presales, which are attracting investors looking to get early access to the next big digital asset, mirroring the forward-thinking approach in Virginia’s hemp industry.
Governor Youngkin’s amendments prioritize the establishment of robust quality control measures to ensure compliance and consumer safety. The updated regulations will require hemp producers and processors to adhere to strict testing protocols to guarantee that their products meet the required standards for purity and potency.
Furthermore, the amendments will enhance traceability within the hemp supply chain by implementing a comprehensive tracking system. This will enable authorities to monitor the movement of hemp and hemp-derived products, ensuring that they are sourced and handled in a legal and transparent manner.
Economic Boost and Job Creation
With the approval of these amendments, Virginia is poised to experience a significant economic boost and job creation. The hemp industry has the potential to generate substantial revenue for the state and create numerous employment opportunities across various sectors, including farming, processing, manufacturing, and retail.
By supporting the growth of the hemp industry, Virginia aims to capitalize on this economic potential and become a hub for hemp-related businesses. The amendments will attract investors and entrepreneurs looking to establish hemp farms, processing facilities, and innovative startups, thus contributing to the overall economic development of the state.
In conclusion, the approval of Governor Youngkin’s amendments to the hemp regulations marks a crucial milestone for the hemp industry in Virginia. The changes are set to streamline the licensing process, promote research and development, ensure compliance and consumer safety, and drive economic growth. With these progressive amendments in place, Virginia is positioning itself as a leader in the hemp sector, unlocking its potential for innovation, job creation, and a thriving hemp market.
