Hemp, Inc. Reports

Tennessee to Pass Historic Cannabis Regulatory Legislation

LAS VEGAS, NV, May 04, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Hemp, Inc. (OTC PINK: HEMP) reports today that the landlocked, country music capital is set to pass the most significant cannabis regulatory law in its history to ensure Tennesseans feel comfortable with the safety and efficacy of hemp-derived products.  House Bill 0403/Senate Bill 0378 creates critical regulations on producing, selling, and distributing products that contain hemp-derived cannabinoids in the state of Tennessee.  The bill passed the full General Assembly on Tuesday and was transmitted to Gov. Bill Lee’s desk yesterday for action.

Hemp, Inc. executives believe the previous lack of this legal framework has mildly suffocated the hemp industry. With the 2nd largest hemp processing facility in North Carolina (right next door to Tennessee) and more than 14 years of experience in growing and processing hemp in North America, Hemp, Inc. has seen firsthand how both consumer safety concerns and common mistakes startup hemp farmers and manufacturers make have somewhat hindered the industry without clear regulatory requirements.

Industry veteran and Hemp, Inc.’s Chief Visionary Officer (CVO) Bruce Perlowin has been closely working with farmers in North Carolina and visiting hemp stores in Tennessee.  He is a sought-after industry consultant based on his 55 years of experience in the cannabis industry helping other industry companies gain a stronger foothold in the market and expand their market reach. His consulting services through Hemp, Inc. include everything from A to Z on anything hemp.

It wasn’t until January of this year, after convening a high-level internal working group, that the Food and Drug Administration (FDA) concluded that a new regulatory pathway for CBD was needed to balance an individuals’ desire for access to CBD products with the regulatory oversight needed to manage the risks. (Source)  And it looks like Tennessee has taken the bull by its horns with a bill comprehensive enough to create a rock-solid foundation from which the hemp industry can fully bloom for its denizens.

According to Fox13, a coalition of industry leaders (Cultivate Tennessee) helped spearhead support for HB0403/SB0378. One of the board members noted it was a “huge step forward for Tennessee in terms of helping define the industry by creating needed safety, accountability, and consumer protection guardrails.” He went on to say, “The common-sense requirements of this new bill will ensure that Tennessee residents and resellers can feel comfortable with the safety and efficacy of hemp-derived products, as well as in the responsibility of the companies that produce them. This will help tremendously with the growth of the industry…”