Are you a Delta 8 company? How about a Delta 10 or THC? A If so, listen up because I’m talking to you. The 2023 Farm bill is coming and it’s aimed at your business.
The Farm Bill is a package of legislation passed once every five years that talks about the different agricultural commodities in our country. 2018 brought us federally legalized industrial hemp. 2023 seeks to regulate that market. The first thing it seeks to do is to make intoxicating cannabinoids like Delta 8 or federally compliant Delta 9 products illegal. That means at the end of 2023, your business won’t exist anymore. How are you going to pivot? What are you going to do between now and the end of next year to prepare for the end of Delta 8? And as for the rest of the hemp industry, the 2023 Farm Bill seeks to officially designate hemp as a dietary supplement. A dietary supplement is a legally specific category.
It comes with all sorts of requirements that if you’re not used to operating in the dietary supplement space, you may or may not be familiar with. It’s gonna affect your labeling, your marketing, your contracts, and your quality control, as well as lots of other things potentially. If you’re not familiar with dietary supplementation, now is the time to prepare so that when the 2023 Farm Bill passes, you’re already ready to hit the ground running.
Some Potential Pivots You Might Want to Consider
1) A new product line. If you’re a Delta 8 company or another intoxicating derivative, it’s time to start researching new products now.
2) Start looking for new ingredients and potential ingredient suppliers. Maybe you can take your existing product and replace the Delta 8 with another cannabinoid ingredient, but that’s probably going to require that you have a new supplier. Establish that relationship now.
3) Look at your packaging. It’s very possible that packaging is going to change and be more stringent than it is now as a dietary supplement. So think about how you can change your packaging now to get ahead of the curve.
THIS VIDEO IS MEANT TO ASSIST IN A GENERAL UNDERSTANDING OF THE CURRENT LAW AND PRACTICE RELATING TO THE TOPICS DISCUSSED. IT IS NOT TO BE REGARDED AS LEGAL ADVICE. COMPANIES OR INDIVIDUALS WITH PARTICULAR QUESTIONS SHOULD SEEK THE ADVICE OF COUNSEL.