The State of the Cannabis and Hemp Industries
The cannabis industry is in the midst of rapid changes in legislation and regulations. Despite the fact that the federal government continues to criminalize most activity involving cannabis, numerous states have legalized cannabis for medical and recreational use and created separate laws on hemp production. Businesses and consumers alike are seeking to capitalize on an industry that is expected to triple to $32 billion by 2022 and to more than $47 billion by 2028.
This rapidly growing industry undoubtedly occupies strange legal territory in the US. Congress made significant changes to the Controlled Substances Act with respect to hemp and hemp derivatives when it passed the Agricultural Improvement Act of 2018 (the 2018 Farm Bill). The Food and Drug Administration (FDA) plans to hold a public meeting on appropriate hemp products in the near future, and the US Department of Agriculture (USDA) recently held a listening session to gather feedback from stakeholders on hemp production regulations.
McDermott’s Cannabis practice is proud to host a webinar on the legal landscape for cannabis in the US. Join our speakers as they consider these changes to legislation and regulations and discuss exciting opportunities. Topics will include:
Status of Cannabis Under Federal Law
Congressional Action and Pending Legislation
Overview of State Laws