A lot is riding on the upcoming revisions to the Farm Bill. The 2018 Farm Bill allowed for the legalization of the hemp industry, prompting the widespread regulation of new hemp products and introduction of new cannabinoids on store shelves. The 2018 Farm Bill was set to expire last year, but lawmakers extended it for another year. Congress is required to sign a new bill by Sept. 30, 2024, or the bill will extend until Sept. 30, 2025.
While the Farm Bill is stalled, the hemp industry must wait in limbo over whether or not products with certain cannabinoids, such as THC-A, considered “intoxicating hemp” products, will be banned. If the Farm Bill is not approved by September 30th, 2024, the regulation of hemp products will default to state law policies until new federal legislation is passed. For some states, such as Texas, new laws may place a ban on “intoxicating hemp” products.
In the meantime, the state of hemp is unsure, as legislators are constantly debating the ins and outs of the bill. State regulations propose a ban on “intoxicating hemp” products, while the Senate committee’s initial draft made no changes to hemp production from the 2018 Farm Bill. During this waiting period, the hemp industry must be ready to take action regarding any new changes that may take place.