NASHVILLE, Tenn. – After state lawmakers approve a new Cannabis Bill for Tennessee, sellers of cannabinoids derived from hemp will require laboratory testing, correct labeling, and child-resistant packaging.
By January 1, 2024, retailers selling cannabinoids derived from hemp must obtain a license from the state agriculture department. It also indicated that a new 5% “Tennessee professional privilege tax” will be applied to sales. The bill’s summary further specifies that the department will receive all funds collected from the 5 percent tax and must utilize them solely to regulate products containing cannabinoids produced from hemp in this state. These funds will be deposited into a special account in the state public budget.
Anyone who breaks the new rules could face a $1,000 fine or misdemeanor charges. Customers must be 21 or older to purchase items with cannabinoids derived from hemp. Except for a few medical uses, marijuana is prohibited for most people in Tennessee. However, there are few legal exceptions for non-psychoactive CBD oil as medical cannabis, and the authorities have been unable to enforce the law. Possession of even tiny amounts is a criminal misdemeanor.
While the use of marijuana for either medical or recreational purposes is prohibited in Tennessee, hemp-derived cannabinoids and products with minimal THC content are lawful to grow and use.
Support from Cultivate Tennessee Arises
A group of business executives called Cultivate Tennessee spearheaded support for the Cannabis Bill. Industry leaders founded the nonprofit organization to establish a self-regulatory system for Tennessee’s legal hemp goods. Cultivate Tennessee brings a diverse collection of professionals to give a well-balanced strategic approach to policy formation in the cannabis business.
Growers, manufacturers, retailers, attorneys, accountants, government relations advisers, real estate experts, and more are among the professions in the group. With such a wide range of influence, the recommendations and policies it generates will be targeted to stabilize and advance the business fairly and maintains its success with this Cannabis Bill that can be supported politically for decades to come.
“This is a huge step forward for Tennessee in helping define the industry by creating needed safety, accountability, and consumer protection guardrails,” said Jason Pickle, Co-founder of Volunteer Botanicals and a Cultivate Tennessee board member.
As a result, Tennessee citizens and retailers may be confident in the security and effectiveness of hemp products and the accountability of the businesses that create them, thanks to the new law’s sensible provisions. This Cannabis Bill greatly aids the expansion of the industry. It establishes a framework for business operations and product distribution. It opens more possibilities, such as California’s cannabis consumption lounge, proliferating top cannabis products in New York, or a reform in the criminal justice system law and order, such as the case in Washington. These, too, could happen to Tennessee in the future with the strong support of this organization.
Key Takeaway
Cannabis Bill 403 is a crucial step in establishing Tennessee’s status as a hemp powerhouse. By postponing the implementation of its regulatory requirements, the measure gives Tennessee hemp business owners time to get familiar with it and make necessary adjustments to their operations to comply.
Many credible operators already subject their products to stringent testing for potency and safety, offer QR codes with certificates of analysis, appropriately label their items, and age-gate sales. The bill’s requirements may be relatively easy for these businesses. Some people will have a lot more work to do.
As Tennessee progressively moves toward having a fully regulated cannabis market, this is just the first of many steps. With this, 420 enthusiasts from Tennessee will be able to enjoy the benefits of cannabis.
Here’s more information on the topic:
Tennessee General Assembly Passes Sweeping Regulations for Hemp-Derived Cannabinoids
https://finance.yahoo.com/news/tennessee-general-assembly-passes-sweeping-110000123.html
Tennessee General Assembly passes sweeping regulations for hemp-derived cannabinoids
https://www.fox13memphis.com/news/tennessee-general-assembly-passes-sweeping-regulations-for-hemp-derived-cannabinoids/article_131c943a-e8e8-11ed-bd84-5765ed399eea.html
