Florida's Ban on Low-THC Hemp Products Sparks Economic Concerns: Sunmed™ | Your CBD Store® Responds
The Floridant/10262088

PALMETTO, Fla., Feb. 23, 2024 ~ In a recent press release, concerns have been raised over proposed legislation that could have detrimental effects on Florida's hemp industry and consumers. The bill, introduced by Senator Colleen Burton and supported by Tommy Gregory, has been met with criticism for its strict regulations on low-THC hemp products.

If passed, the legislation would take effect on October 1, 2024 and would impose burdensome regulations on the cultivation, production, and distribution of full spectrum hemp goods. This has sparked fears of economic repercussions and regulatory uncertainty among stakeholders in the industry.

One of the main concerns is the impact it would have on small businesses. The proposed regulations could force over 10,000 hemp retailers to close their doors, including more than 50 independently owned and operated Sunmed | Your CBD Store locations. In addition, Sunmed's nationwide manufacturing and distribution centers may be forced to leave the state.

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Marcus Quinn, CEO of Sunmed | Your CBD Store, expressed frustration with the proposed legislation. "Politicians say this bill attempts to regulate dangerous and misleading products, yet every Sunmed | Your CBD Store complies with strict regulatory guidelines," he stated. "We formulate our products with a stringent quality control process and manufacture our edible products with childproof packaging."

Quinn also emphasized that their full spectrum products are clinically-proven and comply with current legislation. He argued that an outright ban on these products would harm consumers' access to safe and non-intoxicating options for their health and well-being. Furthermore, he pointed out that full spectrum products make up 90% of their inventory, which would greatly impact the profitability of local store owners.

While SB 1698 and HB 1613 aim to regulate full spectrum hemp extract, there are concerns about how it will affect the medical marijuana industry. Representative Cassel raised speculation about potential monopolistic incentives behind the bill during a House Agriculture Subcommittee meeting.

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Representative Hunschofsky also spoke out against the proposed legislation, stating that it could have a negative impact on the entire economic prosperity of the state. "We talk about protecting consumers, but we're only going after these businesses," she said during a House Appropriations Committee hearing. "This becomes a fairness issue - people invest in businesses based on what we tell them. And every time we change the goal post, we're going to not only have people in this industry, but other industries...say, well, why am I going to take a chance on investing in Florida? Because what's today will not be tomorrow...regulatory uncertainty in a market is not good for any business, it's not good for the economy of Florida."

The sudden changes in legislation have caused concern among potential investors across various sectors beyond hemp. This could potentially threaten the stability of Florida's economy. As stakeholders continue to advocate for fairness and economic stability within the hemp industry, Sunmed | Your CBD Store is urging Florida residents to sign the Hemp Roundtable Coalition Petition to support fair regulation and economic freedom in the state.
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