Virginia (WFXR) — Local hemp businesses are being impacted by new regulations from the Virginia General Assembly.
Governor Glenn Youngkin stepped in and made amendments to the original bill, placing a 2mg limit of THC for CBD and hemp products.
Derek Wall, the owner of the Buffalo Hemp Company and founding member of the Virginia Cannabis Association, said that the new legislation would take away about 70-80% of products the hemp suppliers are selling in Virginia.
The new 25:1 (CBD:THC) regulation will make it harder for retailers to sell products that get people high without harmful effects.
“It’s taking the THC content down to a very minimal amount, so it takes away a lot of psychoactive products, which is what their goal was. But it also in turn takes away a lot of the CBD products that companies are making and selling, so it just kind of really prohibits what we are able to do,” said Wall.
Wall added that they have evolved over the past five years, but he finds it frustrating that his company abides by the rules while other companies do not.
“It really impacted us, because you know through legislation you have to evolve, you have to change, cause we abide by the rules. So, every time they make a change, you know its new products, new RND, it’s more money that we have to spend to change our model of business,” said Wall.
Wall says he thinks it will impact them immediately, but they are hoping people will transition with them.
Celia McCauley-Wittl, a resident of Roanoke, thinks there need to be regulations in place, but she hopes stores like this make it easier for people to have access to safer options.
“Having places like this open adds money to our economy it adds value to places to come and people to get different resources for things like pain or mental health if they do not want to take prescription drugs,” said McCauley-Wittl.
The new legislation is effective July 1st. You can read the bill in its entirety by clicking here.