On January 24th, House bill 403 was filed for introduction in Tennessee. “As introduced, regulates the production and sale of hemp-derived cannabinoids, including products known as delta-8 and delta-10” (Tennesee General Assembly, 2023). It intends to amend existing policies on mental health, substance abuse, intellectual and Developmental Disabilities, and more.
If passed, cannabinoids derived from hemp would be taxed and regulated. One of those regulations includes the age of the consumer to 21+. Currently, no legislation prevents a minor from purchasing delta-8 and other psychoactive cannabinoids.
Previous Attempt to Regulate Delta-8
A year ago, House Bill 1927 was introduced in an attempt to make the sale of Delta-8 largely illegal (outside of trace amounts) in Tennessee.
The legality of Delta-8 THC can vary from state to state and can depend on several factors, including state laws, the Agriculture Improvement Act of 2018 (the 2018 Farm Bill), and guidance from federal agencies such as the U.S. Drug Enforcement Administration (DEA) and the U.S. Food and Drug Administration (FDA). But, Delta-8 is already explicitly banned in these fifteen states:
- New York
- North Dakota
- Rhode Island
- South Carolina
Pros of HB403
One main goal of this bill is consumer protection, which Gold Spectrum already prioritizes. Therefore, it will allow other companies in the industry to provide the same transparency and regulation to their products, furthermore holding producers and retailers accountable for what they are putting in their products.
Another pro of this legislation is that it prevents minors under 21 years old from purchasing delta-8 and other cannabinoids included in this bill. For the complete list, please click here to read the bill in its entirety.
Section 43-27-210 states that (a) A product containing a hemp-derived cannabinoid must be tested after being manufactured to determine the presence and amounts of the following: 1) Cannabinoids (2) Heavy metals (3) Microbials (4) Mycotoxins (5) Pesticides and (6) Residual solvents.
This testing must be performed by a third party to ensure its credibility and must be performed on each batch produced. The bill will require that producers, distributors, and retailers obtain a license from the Tennessee Department of Agriculture to manufacture, produce, or sell hemp products.
At Gold Spectrum, we already have these guidelines in place to ensure that we are providing our customers with the best possible information, experience, and resources to better understand what we are providing.
Cons of HB403
One of the cons is the 5% sales tax that will be added to Hemp-derived products but on a macro level. However, this will only be a minor change when looking at the business model on a macro level.
What does this mean for Gold Spectrum?
“Overall, we think this is very positive because we already do a lot of these things, and it sets a great standard for the entire industry that weeds out some nefarious actors,” Alex Valley, a Partner at Gold Spectrum.
At Gold Spectrum, we pride ourselves on the transparency of what goes into our products and provide a certificate of analysis (COA) for each one we sell. A COA includes information such as the concentrations of each cannabinoid and where and when the batch was produced.
Should you have any questions, we pride ourselves on transparency and customer support to better understand our products. Please feel free to chat with us on our website or email us at email@example.com.
It is important to note that this bill is still in the early stages of the legislative process and may undergo significant changes before it becomes law. To learn more about the specifics of this bill and its current status, you can follow the Tennessee General Assembly's website and track the bill's progress through the legislative process. You can also read the entire bill here.
"HB0403. (2023). Tennessee General Assembly. Retrieved January 31, 2023, from https://wapp.capitol.tn.gov/apps/BillInfo/default.aspx?BillNumber=HB0403&GA=113."
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