farm bill
In my opinion the proposed 2024 Farm Bill amendment to redefine hemp under total THC rules is not just a regulatory tweak—it’s a major power grab. Driven by influential politicians and supported by well-funded lobby groups, this amendment is poised to reshape the market, benefiting the biggest players while creating barriers that shut out those who can’t afford the increased costs.
Key political backers like Rep. Mary Miller, Rep. Abigail Spanberger (D-VA), and Rep. John Rose (R-TN) are leading the charge, framing the amendment as necessary for public health. In reality, this amendment raises regulatory barriers that favor multi-state operators (MSOs) such as Green Thumb Industries (GTI), Ascend Wellness Holdings (CSE: AAWH.U / OTCQX:AAWH), Trulieve, Verano, Curaleaf, Cresco Labs, and others. These companies are aligned with the US Cannabis Roundtable and ATACH, funneling millions into lobbying efforts to restrict hemp products to state-licensed dispensaries, further entrenching their market dominance .
While framed as a safety measure, the amendment will disproportionately impact small, minority-owned businesses struggling to compete. By increasing costs and tightening regulations, it solidifies the monopolistic hold of MSOs, leaving low-income entrepreneurs marginalized—an outcome that contradicts the original goals of cannabis legalization, which promised to uplift affected communities .
Experts, including the U.S. Hemp Roundtable, warn that the amendment could eliminate up to 95% of existing hemp products, devastating smaller operators who rely on these products for their livelihood. This raises serious questions about whether the amendment is truly about safety or a strategic move to eliminate competition, consolidating profits among large cannabis corporations .
This isn’t just about corporate players—it’s also about regulatory bodies like the USDA and Drug Enforcement Administration, along with politicians pushing measures that favor those with the deepest pockets. While marketed as efforts to create a safer market, these changes primarily maintain the status quo for established players .
The MSOs backing this legislation have collectively invested millions into lobbying efforts, with funds channeled through organizations like the USCC and ATACH. Their financial influence is evident as they shape policies that restrict competition and raise barriers, contradicting social equity goals in the cannabis industry.
To paraphrase a podcast guest, the removal of the "black market" or "hemp-derived" products is code to remove minorities and entrepreneurs from the industry. Tune in to F'nAround and catch up at fnaround.com
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The CannaConsigliere
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Not the nuEra Cannabis Guy.