A proposed state law that has some local hemp-related businesses fearing for their futures isn’t written in stone just yet.
Gov. Glenn Youngkin on Monday, rather than signing it immediately into law, recommended changes to legislation that would establish more regulations on the hemp industry in Virginia. He then sent those potential revisions back to the General Assembly for review.
The crux of the governor’s proposal is to tweak the allowable amounts of THC and CBD in certain hemp products. Youngkin’s version would define hemp products that are legal to sell in the commonwealth as those that contain a total THC concentration no greater than 0.3 percent and have either no more than 2 milligrams of total THC per package or an amount of CBD no less than 25 times greater than the package’s THC total amount.
The hemp-regulating legislation that came before the governor’s desk didn’t initially include a reference to CBD amount as a defining characteristic of what would be considered hemp as opposed to marijuana in the state.
The governor’s tweaks to the legislation (identical bills called House Bill 2294 and Senate Bill 903) would require a retail business to secure permits and pay a $1,000 annual fee per store location to sell hemp-derived products like CBD edibles and smokable flower. The sale of topical products appears exempt from this requirement, based on the language of the governor’s amendment.
The previous version of the legislation also proposed a permit for retailers to sell hemp products but didn’t include an amount for the associated cost of the permit.
There currently isn’t a license requirement for retailers to sell hemp-derived products. Other types of businesses in the industry, like manufacturers and growers, require licenses. Businesses that sell or manufacture hemp products without a permit or in defiance of the proposed regulations would face up to $10,000 fines daily, per the legislation.
The governor’s new proposal would require the packaging of topical CBD products to state they aren’t intended for consumption. Under the proposed changes, topical products manufactured before July 1 that lack such a warning could still be sold legally.
Read full article at
https://richmondbizsense.com/2023/03/29/governor-sends-tweaked-hemp-regulations-back-to-general-assembly/
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