The discussion centered around the federal legalization of hemp versus the ongoing illegal status of cannabis, with the 2018 Farm Bill playing a significant role in this differentiation. While hemp and its derived products have been given some legal clarity under the bill, the regulatory landscape remains murky, leading to uncertainties regarding product classification and proper regulations for the industry.
Despite the anticipation for a new Farm Bill to provide clearer guidelines, the industry is facing delays in its implementation. This delay has prompted concerns about the lack of a comprehensive regulatory structure and the uncertainty that lingers within the hemp market. With industry professionals cautioning against expecting too much from the upcoming changes, the focus remains on navigating the current market dynamics and challenges effectively.
The panelists highlighted the complexity of operating as a multi-state hemp producer compared to a cannabis operator due to varying levels of regulatory certainty. Investors and producers are advised to prioritize long-term sustainability by understanding safety data and toxicology behind new products, emphasizing the importance of education and responsibility within the industry. Discussions also touched upon the need for a robust regulatory framework to address bad actors in the market and ensure consumer safety.