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The most substantive cannabis regulatory legislation in Tennessee history will soon become law, creating critical regulations on producing, selling and distributing products containing hemp-derived cannabinoids in the state. House Bill 403/Senate Bill 378 passed the full General Assembly and is headed to Gov. Bill Lee, who is expected to sign the bill into law. Cultivate Tennessee, a coalition of industry leaders, helped spearhead support for the legislation.
Hemp, Inc. (OTCPK: HEMP) noted that Tennessee is taking a significant step towards cannabis regulation by passing the House Bill, saying that the previous lack of a regulatory framework has held back the industry's growth and hindered the meeting of consumer safety concerns.
Bruce Perlowin, Hemp, Inc.'s chief visionary officer (CVO) has been working with farmers in North Carolina and visiting hemp stores in Tennessee, consulting with other industry companies to expand their market reach.
The bill creates critical regulations for hemp-derived cannabinoid product production, sale, and distribution, establishing a solid foundation for the state's hemp industry and protecting consumers and manufacturers.
It also creates a regulatory pathway for CBD that balances individual access to products with regulatory oversight.
Manufacturers and sellers must obtain a license from the Department of Agriculture and have their hemp-based cannabinoid products tested for safety and toxicity by an accredited laboratory. Also, the Department of Agriculture will enforce the provisions and report annually to the general assembly, ensuring the industry's continued growth and prosperity.
The legislation requires child-resistant effectiveness standards for cannabinoid products, label warnings, disclaimers, and one-year expiration dates. “There are also new offenses for selling to or assisting someone under 21 to buy products with hemp-derived cannabinoids,” per the release.
The passing of this measure, to Gov. Bill Lee's (R) desk, is a significant milestone for the industry in the state, creating much-needed safety, accountability and consumer protection guardrails.
Price Action: HEMP shares are trading 100% up on Thursday afternoon, at $0.0002 per share.
Photo: Courtesy Of CRYSTALWEED cannabis On Unsplash
Posted In: HEMP
