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Congress moves to ban hemp in resolution to reopen government

CNBC · Just In
CNBC
CNBC
Just In

Congress is moving to close a “hemp loophole” through the government funding bill awaiting a House vote in Washington. The new measure would ban intoxicating hemp-derived products like THC-infused gummies, vape and seltzers that have been in a legal gray area since 2018.

Breakdown
  • A measure in the new government funding bill aims to ban intoxicating hemp-derived products, targeting a $30 billion industry.
  • The bill provides a one-year transition period for companies to adapt or push for new regulations. 45s
  • Industry leaders and some lawmakers are calling for responsible hemp regulations instead of prohibition, while others warn of negative impacts on hemp farmers. 1m 6s
  • The debate has divided Kentucky senators and raised concerns among investors in major hemp companies about future federal restrictions. 1m 13s
  • Alcohol industry stakeholders are split, with some supporting the ban for more shelf space and others preferring regulated alternatives to meet changing consumer demand. 2m 14s
Politics