Newly passed legislation looks to propel New York State to the forefront of the hemp industry.
Assemblywoman Donna Lupardo’s Hemp Extract Bill was passed unanimously by the state Assembly and Senate. The bill creates a regulatory framework for the hemp extract industry which includes cannabidol better known as CBD. CBD use has grown dramatically in recent years and is being used in a multitude of products, but until this bill was passed, there was little oversight which raised health and safety concerns. CSG Hemp CEO Kaelan Castetter says this bill helps protect small-scale local farmers by providing them a stable market with known requirements, along with guaranteeing consumers a better, safer product.
“The market is booming in New York, what’s really missing is that consumers knowing that they’re accessing safe products. Along with businesses in all parts of the supply chain being able to invest and see a path forward as the federal government in terms of hemp has been completely unreliable for regulations and New York is really filling that void.”
The bill will not go into law until signed by Governor Cuomo. Castetter says, given the Governor’s track record of supporting the hemp industry, it is an inevitability.