Wyden’s new hemp bill

HEMP VS. WEED
Sen. Wyden’s new hemp bill is trying to find middle ground

What happened: Sen. Ron Wyden (D-OR), introduced the Cannabinoid Safety and Regulation Act to regulate all hemp-derived cannabinoids, including CBD and Delta-9 THC.

It’s an attempt to quell the proliferation of loosely regulated intoxicating hemp products — available in gas stations across the US — and create reasonable, coherent regulations for consumers.

What’s in the bill: The bill would kick the regulation of hemp-derived cannabinoid products to the Food and Drug Administration, and would create a new body within the agency — the Center for Cannabinoid Products — that would develop standards for labeling, manufacturing, and testing.

Companies selling hemp products would have to register with the FDA, comply with regulations, and they wouldn’t be allowed to sell to those under the age of 21. 

While the bill would not specifically make intoxicating hemp products illegal under federal law, it would ban synthetically derived cannabinoids like Delta-8 and THC-O, which the Drug Enforcement Administration has said falls under the same federal Schedule I restrictions as non-synthetic THC. 

Beyond that, the bill would ban cannabinoids from being sold in products with nicotine and would prohibit flavored cannabinoid vapes. 

Read the full bill text. 

What they’re saying: “We are thrilled by Sen Wyden’s leadership as demonstrated in his new bill to regulate cannabinoid products. This bill protects consumer safety without sending us backwards toward prohibition. Every reasonable cannabis operator needs to voice support for this bill,” Jim Higdon, the CEO of Cornbread Hemp, told me. 

And: “We strongly support Senator Wyden’s efforts here to promote robust regulation for hemp products, as opposed to misguided prohibition,” Jonathan Miller, the general counsel of the US Hemp Roundtable, an industry trade group, told Marijuana Moment. 

The National Cannabis Industry Association also supported the bill, saying it is “an important step toward addressing the proliferation of unregulated hemp products while allowing responsible manufacturers to successfully provide safe products to adults,” in a statement. 

Zoom out: The bill is specifically focused on hemp, which is legally defined as cannabis containing less than 0.3% THC under US federal law, rather than cannabis. 

The 2018 Farm Bill legalized federally hemp as an industrial product. But many companies have derived THC from hemp in novel ways to sell intoxicating products throughout the US they maintain are legal thanks to the Farm Bill.

Some of these products, including hemp THC-infused beverages, are basically indistinguishable from traditional cannabis. Others, not so much. 

Lawmakers are considering an amendment to the next version of the Farm Bill that would close this loophole, called the Miller Amendment. 

Why it matters: Wyden’s bill is a tacit acknowledgement that outright prohibition of hemp products may not work.

The bill is an attempt at finding a middle ground between actions like California’s draconian emergency ban and various bills proposed by Republicans that would completely ban intoxicating hemp products, with the current market free-for-all. 

While the bill wouldn’t immediately force all intoxicating hemp products off legal store shelves, it would mostly push Delta-8 and other synthetic cannabis sellers out of the market. 

What’s next: While the bill isn’t perfect according to some hemp and cannabis industry stakeholders, it’s a pretty common-sense piece of legislation. 

We don’t yet know if it’ll be taken up during the lame-duck period following the election. Time will tell.

- JB

“You can walk into any store in Florida and buy beer. But you’ll be locked up for buying marijuana.”

That’s the first line from yet another ad from the Smart & Safe Florida, a Trulieve and cannabis company-backed campaign pushing to pass Amendment 3, a ballot measure that would legalize cannabis, in the Sunshine State. 

Watch the ad:

Weedmaps fined 💰
Cannabis tech and information firm Weedmaps was fined for $1.5 million by the Securities and Exchange Commission for inflating user stats to mislead investors, per Green Market Report. Former CEO Chris Beals, who left in 2022, was named in the SEC order along with former CFO Arden Lee for misleading investors about their monthly active user growth on earnings calls. The user growth consisted of people who were redirected to Weedmaps via pop-ups, rather than those that sought out the site directly, the SEC says. 

Massachusetts launches $25 million social equity fund 🌿
Massachusetts launched the Cannabis Social Equity Grant Program, which will provide up to $25 million of grants for cannabis owners from communities disproportionately impacted by the War on Drugs, reports the Worcester Business Journal. The grants will be between $25,000 and $500,000 and will go to licensed cannabis business owners and prospective entrepreneurs. 

NJ using weed revenue for community programs 🤝
New Jersey Governor Phil Murphy and Attorney General Matthew J. Platkin announced $14.5 million in new funding for community-based violence intervention (CBVI) programs, primarily sourced from state-legal cannabis revenue. Since 2021, nearly $55 million has been allocated to these programs, which focus on reducing violence through public health approaches like mentorship and de-escalation.

200k people arrested for cannabis in 2023 🔒
New FBI data shows that over 200,000 people were arrested for cannabis offenses in 2023, with the majority being for simple possession. But some experts have called the accuracy of these figures into question due to inconsistencies in the agency's reporting. Advocates say the criminalization of cannabis highlights the urgent need for federal reform, as public opinion and major political figures increasingly oppose such arrests.

LeafLink wants to solve delinquent payments 💸
Cannabis tech firm LeafLink is rolling out a Payment on Sell Through platform, which the company says will guarantee payments between retailers and suppliers. Retailers, in short, will pay for what they sell, solving delinquent payments as well as freeing up capital. Delinquent payments remain a huge problem in cannabis, totaling $3.8 billion last year, per Whitney Economics.

And more:
New York’s got yet another dispensary opening: Alta, Chinatown’s first dispensary, will open on Friday, September 27.

Cannabis firm MariMed started recreational cannabis sales in Ohio this week at its Thrive Wellness dispensary.

Here’s another chart from cannabis tech firm LeafLink’s State of the Cannabis Industry report. Nevada has the most retail sales per dispensary:

Barstool Sports’ partnership with Green Thumb Industries is live. It’s a smart move on GTI’s part to get in front of Barstool’s audience, which clearly loves weed.

Check out the episode of Megan Makin’ Munchies here:

The real question Harris and Trump should answer about marijuana | The Washington Post

Here’s why this jar of weed costs $60 at a legal dispensary | The New York Times

Ex-Dolphin Ricky Williams backs Amendment 3 to ‘end prejudice over cannabis’ in Florida |Florida Politics

Watch: Thieves break into San Francisco cannabis dispensary in smash-and-grab burglary | CBS News