hemp industry news september 21, 2020

Hemp Industry News: Sept 21

Pharmaceutical Industry corners Australia’s CBD market

Australia’s interim decision for over the counter CBD will require it “meet the same regulations as any other prescription pharmaceutical.” The rule also prohibited smokeables, vape, and topicals. Despite the continued prohibition Althea Group CEO called the ruling “one of the biggest developments in the medical cannabis industry to date.” Read More.

DEA undermines hemp extraction industry.

Chaos in hemp as DEA rules hemp extracts as Schedule 1 when they exceed 0.3% THC during extraction. One hemp extractor called it “a death blow to the hemp-extraction industry”, leaving extractors, retailers, brands, and all their employees criminally liable. Currently, “there’s no method to prevent THC levels from rising during production.” Read More.

Hemp industry sues DEA

The hemp industry is officially suing the DEA over its new extracts rule. The Hemp Industry Association and RE Botanicals filed a lawsuit against the DEA Interim final rule categorizing “hemp extracts as a controlled substance when they hit above 0.3% THC during extraction.” The rule took effect immediately on Aug 21, but might not be final as the agency is still taking comments, and more comments are needed! Read More.

Kentucky Hemp Association merger

The Kentucky Hemp Association grew stronger by merging with the formerly dissolved Kentucky chapter of The Hemp Industry Association. They are now touting their “independence and the flexibility to focus our support on Kentucky farmers and the industries they supply.” Local lawmakers are optimistic that the newly merged group can create an “environment where hemp can flourish in the Bluegrass State.” Read More.

Hemp qualifies for Coronavirus aid

Hemp cultivators now qualify for USDA aid through the Coronavirus Food Assistance Program under “flat rate crops.” This round of aid funding includes $14 Billion for which hemp farmers can now apply, as they certainly have been impacted by the global pandemic. Payments will be “calculated based on eligible 2020 acres multiplied by $15 per acre.” Read More.

Thank you for reading! Stay tuned for next weeks Hemp Industry News…

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