Congress Advances Cannabis And Hemp Proposals

Highlights

• The U.S. Congress is moving forward with legislation that will change the regulation of hemp-derived products.
• The hemp-derived cannabinoid market, conservatively valued at nearly $30 billion, could see changes as early as this fall, although it's more likely to be in the first quarter of 2025.

Recent congressional activity highlights the changing environment for cannabis regulation. Specifically, U.S. Congress is moving forward with legislation that will change the regulation of hemp-derived products. The industry could see changes as early as this fall, although it's more likely to be in the first quarter of 2025.

The Farm Bill Reauthorization

The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) amended the Controlled Substances Act (CSA) to exclude certain products from the definition of marijuana. Specifically, the Act defines hemp as "the plant Cannabis sativa L. and any part of that plant, including the seeds thereof and all