Michelle Bodian’s Post

The hemp market experienced a comeback in 2023, showing growth after a decline in 2022, according to the U.S. Department of Agriculture (USDA) report. The value of industrial hemp hit $291 million, marking an 18% increase from the previous year. This growth is seen despite mixed economic trends within the market and a slight decrease in acreage used for hemp farming. The report pointed to a lack of FDA regulation for CBD as a significant factor in past economic challenges. Recent USDA actions, like revoking licenses for farmers growing both hemp and marijuana and planning for new federal hemp regulations, signal changes on the horizon. Despite regulatory obstacles, hemp's market size was comparable to that of state marijuana markets and craft beer sales in 2022. This resurgence is seen as a positive sign for the hemp industry, suggesting resilience and potential for further growth. This rebound is significant for the hemp industry because it indicates recovery and the ability to adapt and grow despite regulatory challenges and market fluctuations. The comparison to the size of marijuana markets and craft beer sales underscores the substantial presence and economic impact of hemp, highlighting its importance and potential within the broader agricultural and commercial sectors. Read on: https://lnkd.in/ewQxFDHN

🚨 Urgent Action Needed! 🚨 The Oregon Department of Agriculture (ODA) is proposing the addition of a hemp vendor license fee for a person, including a retailer or wholesaler, that stores, transfers, or sells industrial hemp or hemp items for resale to another person, including to other vendors, wholesalers, or consumers. This license requires a $75 criminal background check, a $250 license fee, and $200 site fee PER location!  These regulations are not only unnecessary, they are an over reach of the ODA's authority and discriminatory in nature. No other agricultural product is regulated like this. No other product sold in retail shops are tracked and put under scrutiny as they propose with these new regulations. More than that, no other state in the country is over regulating their Hemp program like the ODA intends to do with their proposed rules. ⏰ Today is the LAST DAY to make your voice heard regarding proposed rule changes affecting the hemp industry in Oregon! The Department of Agriculture is accepting public comments until 5pm PST. Your input matters! Don't miss this opportunity to express your concerns about the introduction of a vendor license and associated fees for hemp products. Let's ensure a fair and supportive regulatory environment for businesses in Oregon. ✉️ Send your letter NOW to: Sunny Summers 📞 Phone: 503-986-4550 📧 Email: rulemaking@oda.oregon.gov 📬 Mail: 635 Capitol St NE Salem, OR 97301 Complete proposed rules available here: https://zurl.co/X2AQ A copy of the comments we submitted can be found here: https://zurl.co/CCZn Let's stand together to protect Oregon's hemp industry! #SaveOregonHemp #TakeAction #HempRegulations 🌱📝

Bill sought to ease some regulations for industrial hemp Bill sought to ease some regulations for industrial hemp  YourGV.com https://lnkd.in/gzE8HYY6 #hemp #hempnews Head to FCI for more Industry News - https://t2m.io/xgw1GgO

Whitney: 2023 Nears MJ Sales of $30Bil, D8 Sales of $17Bil -- Taking confidential survey data from thousands of MJ industry exces and staff is the underlying strength in data compiled and issued by Portland-based Whitney Economics. Their 2023 calculations report: total revenues for regulated U.S. cannabis at $28.4 to $29.7Bill. -- with his annual estimate for over-taxation(IRS-280e) on the industry at $2.5Bill, up from $2.1Bill in 2023.  West 420 reached founder Beau Whitney this week to discuss economic trends-- with his upcoming report on 60-day plus days for delinquent invoices from suppliers and growers.             Whitney, an oft-cited expert on the hemp cannabinoids market, told us that 2023's total sale of d8/related products would come in at more than $17Bil-- with Florida and Texas leading the demand. Another $4.4Bil is estimated for U.S. purchases of standard CBD (non-intoxicating) products last year. Whitney says this heavy demand means that supplies of processed CBD --and of the hemp biomass from which is comes--has reached "to historically low levels."      "The two groups need to make peace," Whitney says of the current antagonistic view that D8 makers should be shut down over concerns of under-21 exposure to d8(plus) in gas stations and non-licensed retailers. But Denver-giant, MC Nutracueticals is leading the charge that unregulated hemp producers support age-gating, extensive safety testing and detailed labeling of d8-- with all calling for the end of packaging mimicking snacks/food items. And Whitney thinks hemp-interests are spending big lobbying dollars in Washington.     Other data points from the interview with Whitney include: --- D8 related employment has risen to 358,000(wages of $13Bil) – compared to licensed cannabis jobs at 415,000 at the end of 2023; --- MJ firms deciding to first pay their farm mortgage or state taxes has led to overly delinquent payments has even spread to “the lawyers and accountants"; --- Without relief from 280e rules, Whitney predicts “an extinction event” in the industry-- with smaller industry growers, processors and some retailers closing in 2024; --- Canadian cultivation shut-downs will be a harbinger for U.S. firms, also beginning to shutter over-built state-based grows and processing centers; ---falling product prices have boosted sales in Michigan, but will continue to pressure margins-- and force more MJ firm cost-cutting and preservation of cash. Read more of Whitney Economics’ major report executive summaries and a free copy of the exhaustive Oct., 2023 national cannabinoid study at: https://lnkd.in/e9AwYzEy This week's West420 News analysis: https://bit.ly/47GYXuU #cannabisbusiness #annualreport #delta8 #cbdindustry

Georgia governor signs off on bill regulating hemp products! Georgia’s governor signed off on a bill aimed at #regulating #hemp-derived products and growing the state’s hemp #industry. According to the Capitol Beat News Service, Senate Bill 494, signed into law Tuesday, will: 1. Provide for the issuance of manufacturer #licenses, #wholesale consumable-hemp permits and #consumable-hemp retail establishment licenses. 2. Require testing labs to be registered. 3. Close the “THCA” loophole by redefining #delta-9 THC. (THCA is THC’s biosynthetic precursor that must be heated in order to be converted into THC.) 4. Prohibit sales of hemp-derived products, including CBD, to anyone younger than 21 The General Assembly passed the bill, aka the Georgia Hemp Farming Act, and sent it to Gov. Brian Kemp for his signature in April. https://lnkd.in/gqMGJWrs

📢📢Florida hemp product legislation, SB1698, heads to the governor’s desk for signature.📢📢 🔵If signed, the bill will take effect 10/1/24. 🟠The bill includes stricter packaging limitations, prohibition on synthetic cannabinoids (Delta-8, Delta-10, HHC, etc), and new milligram caps for Delta-9 products (5mg per serving and 50mg per container no a wet-weight basis). 🔵These new restrictions will apply to those companies that manufacture, warehouse, distribute, and sell hemp products. https://lnkd.in/d7zE9qFb

WHY SHOULD FARMERS GROW MORE HEMP? We want more hemp fiber grown in the United States because of the variety of uses in textiles, food, feed, building materials, and automobile manufacturing. All of this would be created in a carbon-neutral industry that, if global regulators are serious about meeting our climate change obligations, would understand the full value of the industrial hemp industry. Growers, producers, manufacturers, and everyone else in the hemp supply chain remain bullish on hemp’s ability to be a carbon-neutral and climate-smart commodity. However, the challenges for US Growers and regulators remain not what to do with the plant but the regulatory scheme around it. The USDA supports the NIHC through its participation in the Market Access Program (MAP). The goal is simple, help create a global market for US industrial hemp. However, that task is fraught with challenges internationally and throughout the federal system, where US states impose their cannabis regulations, which often confuse hemp with its higher THC cousin, marijuana. This type of roadblock is an unfortunate consequence of federal and state lawmakers not understanding the full potential of hemp after years of cannabis prohibition. But it's not just American regulators who provide roadblocks; it’s also the international governing bodies. Be they organizations like the European Union or regulators in individual countries. Our participation in the Market Access Program seeks a more well-rounded understanding of cannabis and its potential to create jobs and contribute to a cleaner environment. Growing hemp is good for the US economy, world economy, and individual farmsteads. The market is there. In the US we’re building healthy hemp homes from hemp material imported from Europe. There’s an opportunity for American farmers to diversify their crops and make more profit. Become a part of the solution, join NIHC, and find out how your farm can be a force for a stronger economy. #JustHemp

🚨 Urgent Action Needed! 🚨 The Oregon Department of Agriculture (ODA) is proposing the addition of a hemp vendor license fee for a person, including a retailer or wholesaler, that stores, transfers, or sells industrial hemp or hemp items for resale to another person, including to other vendors, wholesalers, or consumers. This license requires a $75 criminal background check, a $250 license fee, and $200 site fee PER location!  These regulations are not only unnecessary, they are an over reach of the ODA's authority and discriminatory in nature. No other agricultural product is regulated like this. No other product sold in retail shops are tracked and put under scrutiny as they propose with these new regulations. More than that, no other state in the country is over regulating their Hemp program like the ODA intends to do with their proposed rules. ⏰ Today is the LAST DAY to make your voice heard regarding proposed rule changes affecting the hemp industry in Oregon! The Department of Agriculture is accepting public comments until 5pm PST. Your input matters! Don't miss this opportunity to express your concerns about the introduction of a vendor license and associated fees for hemp products. Let's ensure a fair and supportive regulatory environment for businesses in Oregon. ✉️ Send your letter NOW to: Sunny Summers 📞 Phone: 503-986-4550 📧 Email: rulemaking@oda.oregon.gov 📬 Mail: 635 Capitol St NE Salem, OR 97301 Complete proposed rules available here: https://zurl.co/jmXr A copy of the comments we submitted can be found here: https://zurl.co/AyPt Let's stand together to protect Oregon's hemp industry! #SaveOregonHemp #TakeAction #HempRegulations 🌱📝

Oregon hemp product proposed rules open for public comment ODA is seeking public comment (deadline 5/10/24 @ 5pm PT) on it's proposed rules, which among changes, adds a required hemp vendor license. This new license is required for a person, including a retailer or wholesalers, that stores, transfers, or sells industrial hemp or hemp items for resale to another person, including to other vendors, wholesalers, or consumers. Vendor does not include a person who only transports industrial hemp or hemp items from another state through Oregon to another state There is also a public hearing on 4/24/24 from 9-10 am PT. Link to draft regulations: https://lnkd.in/e-YRMzVw Link to public hearing information: https://lnkd.in/eAYn-AnH