Hemp THC Industry Faces Federal Ban

Hemp THC industry fights to avoid $28.3B federal ban.

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Hemp THC Industry Faces Federal Ban

Hemp THC industry fights to avoid $28.3B federal ban.

In brief

Hemp THC industry fights to avoid $28.3B federal ban. The U.S. hemp THC industry faces a federal ban that could eliminate 225,000 jobs and reduce retail revenue by $28.3 billion. Originally reported by ABC News.

Hemp THC Market Faces Ban

America's multibillion-dollar market for impairing hemp products faces potential elimination after Congress closed a loophole in federal law.

Congress Voted to Close Loophole

Congress voted to close a loophole in federal law that allowed the hemp THC industry to flourish, delaying the ban until December 11.

Industry Leader Nicholas Hohns

Industry Leader Nicholas Hohns

Nicholas Hohns, who makes potent THC gummies in North Carolina, says he worked 100 hours a week for four years before the ban threatens to erase his business.

“It’s such a weird spot to be in. You worked 100 hours a week for the past four years, and, yeah, you made some money. But now you might have nothing to show for it.”

Hemp THC Ban Details

The ban limits THC in hemp products to 0.4 milligrams per container, a level that would ban even non-impairing CBD products.

Industry Impact Report

Whitney Economics reports the ban would threaten $28.3 billion in retail revenue, displace 225,000 jobs, and reduce state sales tax by $2.1 billion.

Cornbread Hemp Owners

Cornbread Hemp owners Eric Zipperle and Jim Higdon say the 0.4 milligram limit would destroy their business, calling it 'toast' if the ban takes effect in December.

“If it goes through in December, this place is toast, it’s gone.”

Industry Response Strategies

The industry hopes to save itself by restricting products to 21 and older, limiting THC per package, and banning imported cannabis compounds.

State-Level Variations

Dozens of states have regulated or banned impairing hemp products, with some states like North Carolina adopting legal hemp programs to avoid the ban.

Opposition to Ban

Alcohol retailers and cannabis industry lobbyists argue the ban is unfair competition and that the industry's predictions about job losses are overstated.

The key point

The U.S. hemp THC industry faces a federal ban that could eliminate 225,000 jobs and reduce retail revenue by $28.3 billion.

Read the original on ABC News

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