Sen. Mitch McConnell closed a loophole in a hemp law. Now $28 billion THC industry fights to survive
The $28 billion hemp THC industry faces a looming federal ban before the end of the year after Congress voted to close a loophole in a hemp law. Operators in states like Oregon warn that federal changes will put hemp businesses out of business. To survive the existential threat, the industry hopes to restrict impairing products to individuals 21 and older, limit package THC limits, and ban imported cannabis compounds. Retailers and suppliers are pushing back against the potential elimination of the marketplace.
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- ✓ Sen. Mitch McConnell closed a loophole in a hemp law that he championed.
- ✓ A $28 billion hemp THC industry is fighting to save itself from a looming federal ban.
- ✓ America's market for impairing hemp products faces potential elimination before the end of the year.
- ✓ Federal changes will put hemp industry operators out of business, according to Oregon retailers and suppliers.
What changed
Congress voted to close a legislative loophole in the hemp law championed by Senator Mitch McConnell, threatening the industry with a federal ban.
Live updates
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Hemp THC Industry Fights Federal Ban
The $28 billion hemp THC industry faces a looming federal ban before the end of the year after Congress voted to close a loophole in a hemp law. Operators in states like Oregon warn that federal changes will put hemp businesses out of business. To survive the existential threat, the industry hopes to restrict impairing products to individuals 21 and older, limit package THC limits, and ban imported cannabis compounds. Retailers and suppliers are pushing back against the potential elimination of the marketplace.
Why it matters
Senator Mitch McConnell originally championed the industrial hemp law that inadvertently created the regulatory loophole allowing the market for impairing hemp products to flourish. The upcoming federal ban threatens to upend the booming THC drink market and broad sectors of the retail economy. Industry participants are scrambling to avert complete elimination through self-regulation and packaging limits before the year-end deadline.
What is confirmed
- Sen. Mitch McConnell closed a loophole in a hemp law that he championed.
- A $28 billion hemp THC industry is fighting to save itself from a looming federal ban.
- America's market for impairing hemp products faces potential elimination before the end of the year.
- Federal changes will put hemp industry operators out of business, according to Oregon retailers and suppliers.
Still unconfirmed
- The industry hopes to save itself by restricting impairing products to people 21 and older, limiting how much THC can be in a package, and banning imported cannabis compounds.
What to watch next
- Implementation details or enforcement timelines for the year-end federal ban
- Legislative or regulatory adjustments regarding age limits and package THC caps proposed by the industry
confidence 100%Sources used for this update (9)
- NPR — Year-end countdown: The federal ban threatening to upend the THC drink boom
- Marijuana Moment — Federal Changes Will Put Hemp Industry Operators Out Of Business, Oregon Retailers And Suppliers Say
- PBS — A $28 billion hemp THC industry is fighting to save itself from a looming federal ban
- go.sevenfifty.com — The Existential Threat Facing THC Drinks Brands
- Fortune — Sen. Mitch McConnell closed a loophole in a hemp law. Now $28 billion THC industry fights to survive
- www.pbs.org — A $28 billion hemp THC industry is fighting to save itself ...
- www.latimes.com — Hemp THC industry, facing federal ban, is fighting to save ...
- fortune.com — Sen. Mitch McConnell closed a loophole in a hemp law. Now $28 ...
- www.independent.co.uk — America's $28B hemp THC industry is under threat from a ...
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