U.S. House Delays Crackdown On Hemp-Derived THC Products Until Dec. 11

According to CNBC, the U.S. House passed a stopgap spending measure that delays new federal restrictions on hemp-derived THC products from Nov. 12 to Dec. 11, giving the industry another month to push for a regulatory framework instead of a ban. THC beverages generated $239 million in measured U.S. retail sales in the 52 weeks through April, up 135% from a year earlier, according to NielsenIQ, and the data covered more than 1,170 products across more than 200 brands. The uncertainty has already affected beverage makers and distributors. Cann CEO Jake Bullock said the company has seen record sales to retailers, but wholesalers have pulled back to avoid being left with inventory if Congress bans the products. Joe Gerrity, CEO and co-founder of Crescent Canna, said the company has laid off half of its employees this year because of congressional inaction, and he said some distributors are now requiring manufacturers to agree to take back and reimburse unsold product if regulations change.