Transformative Shifts in Cannabis Policy: Federal Rescheduling, Banking Reforms, and State-Level Legalization
Recent changes in cannabis policy signal significant shifts at both the federal and state levels, impacting the cannabis and hemp industries. The Biden administration's move to reclassify cannabis as a Schedule III substance, progress with the SAFER Banking Act, and various state-level legalization efforts are central to these developments. Additionally, the hemp industry is poised for change with the upcoming 2024 Farm Bill.
Hemp Bill Amendment Passed: Federal Pushback Against Overreach in the Hemp Industry
A recent amendment to the Farm Bill has sparked controversy by proposing a ban on most hemp-derived cannabinoids, such as delta-8 THC. This move, aimed at addressing regulatory loopholes and ensuring public safety, could have far-reaching implications for the hemp industry, potentially criminalizing many CBD products and disrupting businesses. The debate highlights a critical tension between regulatory efforts and industry needs, emphasizing the necessity for balanced solutions that protect both consumer safety and the economic viability of hemp farmers and producers.