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

News provided by

Feb 23, 2024, 14:28 ET

Monopolistic Incentives Drive Industry-Leading Hemp Retailers out of Florida

PALMETTO, Fla., Feb. 23, 2024 /PRNewswire/ -- To the detriment of the Florida's hemp industry and consumers, recently proposed legislation has introduced industry killing and unnecessary regulations on low-THC hemp products, prompting concerns over economic repercussions and regulatory uncertainty.

Senator Colleen Burton's Senate Bill 1698, supported by Tommy Gregory's House Bill 1613, set egregiously onerous and fragrant anti-small business regulations for the cultivation, production, and distribution of full spectrum hemp goods. These regulations, if passed, would take effect on Oct. 1, 2024, causing harm to consumers, 487 hemp farmers and threatening the closure of over 10,000 hemp retailers, including more than 50 Sunmed | Your CBD Store independently owned and operated locations. The proposed legislation will also force Sunmed | Your CBD Store's nationwide manufacturing and distribution centers to leave the state.

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

"We have and always will do whatever it takes to ensure our clinically-proven full spectrum products comply with the current legislation and keep our community members safe. An outright ban on full spectrum does the opposite, taking away Floridians' right to access our naturally derived, non-intoxicating, non-pharmaceutical products and, therefore, harming thousands of citizens' daily health and well-being. Furthermore, full spectrum products make up 90% of our product inventory, which will destroy our local store owner's profitability and negatively impact the hemp industry as a whole," Quinn stated.

While SB 1698 and HB 1613 propose strict restrictions on full spectrum hemp extract, the medical marijuana industry circumvents the new legislation as it falls under the 'marijuana' classification. On Friday, Jan. 29 in the House Agriculture, Conservation, and Resiliency Subcommittee, House Rep Cassel raised speculation over the monopolistic incentives behind the proposed bill:

"Hemp has created a 16 billion dollar industry in the state; it's a safe product, and yet we are trying to completely do away with it, allowing only certain members of Florida, a small section of the medical marijuana treatment centers to take over the ability to sell this product. Essentially, what the bill is a total prohibition of full spectrum hemp."

Rep. Hunschofsky at the House Appropriations Committee Hearing on Tuesday, Feb. 20, spoke on how the hemp regulation impacts the entire economic prosperity of the state:

"We talk about protecting consumers, but we're only going after these businesses," said Rep. Hunschofsky.

"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 abrupt legislative changes sow seeds of doubt among potential investors across various sectors beyond hemp, threatening the stability of Florida's economy. As Florida grapples with the implications of its regulatory decisions, stakeholders across the hemp industry continue to advocate for fairness and economic stability.

Sunmed | Your CBD Store urges Florida residents to sign the Hemp Roundtable Coalition Petition to advocate for fair regulation of hemp products and stand up for economic freedom in the state, ensuring a fair and transparent regulatory framework.

About Sunmed™ | Your CBD Store^®

Sunmed | Your CBD Store is the largest hemp retailer in the United States and the exclusive home of award-winning, hemp-derived Sunmed products. With 350+ locations across 42 states, the brand offers a premium in-store wellness experience to customers nationwide. Sunmed's product line includes clinically proven sleep gummies, pain relief topicals, USDA-organic oil tinctures, CBD for pets, and 150+ formulas for routine well-being. Through in-store education, community involvement, and groundbreaking clinical research, Sunmed strives to empower modern wellness and enhance people's lives with natural science-backed products.

For more information on the Sunmed | Your CBD Store franchise, visit getsunmed.com/pages/franchise-information

Media Contact
Patrick Shatzer
Sunmed | Your CBD Store
727-235-0720
[email protected]

SOURCE Sunmed