Glenn Youngkin R will look at changes in a pair of bills that received approval from the General Assembly.
The measure, which set regulations on hemp-derived synthetic products containing THC, would have the unintended result of destroying the thriving Virginia hemp industry, according to a letter to Youngkin. According to Whitney Economics, hemp-derived cannabinoid retailers have an estimated combined sales of $1.2 billion and the industry employs around 4,300 people, the group said THC products would eliminate this entire industry along with the associated jobs and revenue.
Under Bill HB 2294 and SB 903, businesses selling industrial hemp extract or food containing industrial hemp extract must get a permit to do so, and the products they sell can t contain more than 0.3% THC or have more than two milligrams of THC per package, according to a local news media outlet.
The legislation would expand the unregulated market and create a serious public safety and public health problem across the entire Commonwealth, the association said. Agriculture and Consumer Services isn't prepared to provide guidance that could harm businesses.
The bill says that the definition of THC is very poorly written and includes all isomers of THC. This includes CBD, which is a non-intoxicating cannabinoid. They said that people mostly use CBD products for pain relief as an alternative to opioids or THC related products. The 2 mg THC limit is unrelated to any concerns you have raised, and would needlessly eliminate the vast majority of non-intoxicating CBD products from the market. This is the place where money is raised, M&A starts, and companies meet key partners. On April 11 - 12, you can join the Fontainebleau Miami Beach Hotel in Florida.