As the hemp industry continues to grow, entrepreneurs are hoping for a more stable regulatory environment that allows both hemp and marijuana companies to operate freely. Despite the ongoing legal battles, some executives believe that the divide between the two industries is starting to narrow.
Cycling Frog and Cantrip, two companies that produce hemp-derived THC goods, have been fighting against state-level bans on their products. However, they are hopeful that the trend of traditional marijuana companies entering the hemp market will help to ease tensions.
Tilray Brands, Curaleaf, Wana Brands, Cookies, and Green Thumb Industries are just a few of the major marijuana companies that have already launched hemp-based products. According to Adam Terry, CEO of Cantrip, “By this time next year, I don’t think we’re going to be having much conversation about the war between marijuana and hemp because every marijuana company is also going to be a hemp company.”
Art Massolo, vice president of business development at Cycling Frog, agrees that the two industries are not as divided as they seem. “We’re just trying to figure out how to get this marijuana industry and the hemp industry to get closer and closer, because we’re the same freaking plant. And that’s what really bothers us.”
Massolo and Terry believe that education is key to creating a more harmonious regulatory environment. They are working to educate policymakers at all levels of government about the similarities between the two industries and the need for a more unified approach.
However, there are still challenges ahead. A proposed amendment to the next federal Farm Bill could prohibit the production and sale of intoxicating hemp-based cannabinoids. If passed, this could have devastating consequences for the hemp industry.
Despite these challenges, Terry is optimistic about the future of the industry. He believes that consumer demand will continue to drive the growth of the intoxicating hemp sector, and that state lawmakers will eventually have to adapt to this reality.
The path forward may involve more legal battles at the state level, but Massolo and Terry are confident that they have a strong legal argument in their favor. They believe that the 2018 Farm Bill will ultimately prevail over state-level bans, and that the federal government will eventually recognize the legitimacy of the hemp industry.
As the industry continues to evolve, entrepreneurs like Massolo and Terry are working to create a more unified and sustainable regulatory environment that allows both hemp and marijuana companies to thrive.
