Business & Finance
Hemp businesses lobby Congress as federal THC ban faces delayed deadline
A spending bill signed by Donald Trump delayed the restriction until December, according to ABC News.
The short version
- President Donald Trump signed a short-term funding measure that postponed a federal ban on hemp THC products from Nov. 12 to Dec. 11.[ABC News]
- The pending restriction imposes a 0.4-milligram limit per container, which industry advocates warn would eliminate even non-impairing CBD items like topical lotions.[ABC News]
- Whitney Economics estimates the ban could cut retail revenues by $28.3 billion and displace roughly 225,000 jobs, while some producers have already suspended operations.[ABC News]
Key facts
- President Donald Trump signed a stopgap government funding measure that moved the enforcement date of the hemp THC ban from Nov. 12 to Dec. 11.[ABC News]
- According to a Whitney Economics report, the prohibition threatens to displace 225,000 jobs, reduce retail sales by $28.3 billion, and lower state sales tax potential by $2.1 billion.[ABC News]
- U.S. Hemp Roundtable general counsel Jonathan Miller stated that the 0.4-milligram limit would extend to non-impairing CBD topicals.[ABC News]
- Cornbread Hemp anticipates generating $65 million this year, employs 105 individuals, and distributes hemp beverages across 18 states.[ABC News]
- Wisconsin-based Drinkin' Buds halted production, and co-founder Matt Swanson removed himself from the company payroll.[ABC News]
What remains uncertain
- It is uncertain whether Congress will act to establish a regulatory framework before the Dec. 11 deadline or permit the 0.4-milligram limit to take effect.[ABC News]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- $28B hemp THC industry fights to save itself from looming federal banABC News - Business
- A $28B hemp THC industry is fighting to save itself from a looming federal banAssociated Press
- A $28 billion hemp THC industry is fighting to save itself from a looming federal banPBS NewsHour - Politics