A $28B hemp THC industry is fighting to save itself from a looming federal ban

Key Points:

• A loophole in the 2018 farm bill allowed hemp products with low delta-9 THC levels but high total THC to be sold widely, creating a multibillion-dollar market for impairing hemp products like THC gummies and seltzers.
• Senator Mitch McConnell closed this loophole by imposing a strict THC limit of 0.4 milligrams per container on hemp products, with the ban's enforcement delayed from November to December 2023 to allow further Congressional consideration.
• The hemp THC ban threatens to eliminate a significant segment of the industry, potentially causing billions in lost revenue and hundreds of thousands of job losses, prompting industry leaders to propose regulated compromises with lower THC caps and age restrictions.
• Opponents of the hemp THC products argue they pose public health risks and unfairly compete with the regulated marijuana industry, which supports the ban, while some alcohol retailers back the hemp products for offsetting declining alcohol sales.
• The future of the impairing hemp market remains uncertain as businesses face shutdowns or pivot plans, with ongoing debates in Congress about whether to regulate rather than ban these products.