The Hemp Derivatives Advocates, an online panel hosted by Zuanic & Associates, brought together prominent figures in the hemp industry to discuss the regulatory challenges facing hemp-derived products. The panel focused on the need for a unified approach to address growing restrictions, particularly in states like Florida.
Christopher Lackner, President of the Hemp Beverage Alliance, highlighted the emerging hemp beverage market, emphasizing its potential to revolutionize the adult beverage sector. He cited emerging brands like Rebel Rabbit, Cycling Frog, and Mary Jones Soda as examples of the market’s growth and predicted their widespread availability in stores across the country. He also noted the increasing popularity of hemp-derived THC beverages, stating that they are finding their way into new markets, including liquor stores and chains.
JD McCormick, Chairman of the American Healthy Alternatives Association, emphasized the impressive growth of the hemp-derived product market, citing a Whitney Economics sales report that estimated the industry at $2.8 billion dollars a year. He highlighted the substantial revenue generated by hemp retailers in states like Florida, Georgia, Tennessee, North and South Carolina. McCormick strongly argued that cannabis prohibition is detrimental to the hemp industry, using Illinois as an example where large recreational marijuana operators co-exist with thousands of hemp retailers and distributors.
Jonathan Miller, General Counsel of the U.S. Hemp Roundtable, addressed the regulatory threats facing the hemp industry in various states. He cited Missouri and California as examples where authorities are restricting or banning hemp products. Miller raised concerns about potential collusion between major cannabis players and certain authorities behind these restrictions, pointing to the possibility of a coalition aiming to stifle the hemp industry.
The panel also addressed the situation in Florida, where Governor Ron DeSantis recently vetoed legislation that would have significantly restricted hemp activity. Hemp groups are actively opposing Amendment 3, a cannabis legalization initiative, due to concerns about its potential impact on the hemp industry. McCormick criticized the potential market domination of large cannabis companies and argued that they could use their influence to manipulate the market at the expense of smaller hemp operators. He expressed concerns about the monopolistic tendencies of large cannabis companies and urged for careful consideration of their potential influence on the industry’s future.
Looking ahead, the panelists emphasized the need for clear and fair federal regulation for hemp-derived products. They pointed to Senator Ron Wyden’s Cannabinoid Safety and Regulation Act as a potential model, highlighting its potential to ensure product safety, age-appropriate access, and transparency. The panel’s call for unity, fair regulation, and the potential of hemp-derived products to revolutionize existing industries sheds light on the complexities and opportunities within the evolving hemp market.
