The hemp industry in Louisiana, established by the legislature in 2019, has been a beacon of economic growth and innovation. However, this thriving sector is under threat from new legislative proposals aimed at curbing its progress. As stakeholders in this industry, it is crucial to understand the implications of these bills and rally support for legislation that sustains our growth. Let's delve into the differences between HB 952, SB 237, and SB 495 and why we should support HB 952.
The Growth and Impact of the Hemp Industry
Since its inception, the hemp industry in Louisiana has seen remarkable growth. In just three years, the industry's sales soared from $12 million in 2021 to $73.5 million in 2023. This surge in sales has not only boosted the economy but also generated over $9 million in sales and excise taxes, with a significant portion dedicated to funding Early Childhood Development.
Moreover, the industry has created approximately 10,000 jobs and over 3,300 small businesses have been licensed to sell consumable hemp products. Despite these successes, the industry faces legislative challenges that threaten its future.
Understanding the Legislative Proposals
SB 237 by Senator Pressly:
Senator Pressly's SB 237 aims to ban THC products, which constitute over 90% of hemp product sales. This bill poses a significant threat to small businesses and manufacturers who have invested heavily in the industry. If passed, SB 237 could lead to widespread bankruptcies and the loss of thousands of jobs, effectively dismantling the hemp industry in Louisiana.
SB 495 by Senator Talbot:
Senator Talbot's SB 495 seeks to prohibit the sale of hemp products in convenience stores that sell petroleum products, which would impact around 2,500 of the 3,000+ licensed retailers. Additionally, this bill would ban THC-infused beverages, one of the fastest-growing segments in the industry. SB 495 also proposes creating a monopoly by granting exclusive manufacturing and distribution rights to a single company, which would stifle competition and innovation.
HB 952 by Representative Miller:
In contrast, Representative Miller's HB 952 offers a balanced approach to regulation. This bill aims to clarify existing laws, enhance product testing, and strengthen age-verification processes. By placing consumable hemp products behind the counter and limiting THC beverages to one serving per can, HB 952 addresses safety concerns while allowing the industry to flourish. It also mandates background checks for retailers, ensuring responsible business practices.
Why Support HB 952?
HB 952 addresses the regulatory confusion that has plagued the industry over the past three years. By cleaning up the existing laws and providing clear guidelines, this bill aims to stabilize the industry and restore confidence among legislators and consumers alike. The Hemp Association of Louisiana supports HB 952 because it strikes a balance between regulation and growth, ensuring the industry's sustainability.
Conclusion
The future of the hemp industry in Louisiana hinges on the legislative decisions made today. SB 237 and SB 495 threaten to dismantle the progress we've made, while HB 952 offers a path forward that ensures growth and safety. We urge all stakeholders to support HB 952 and help secure the future of one of Louisiana's fastest-growing industries.
Email Your Representatives!
Via the home page of the Hemp Association of Louisiana, you can access a pre-written email that can be sent with your information to the Governor, the State Senator, and the State Representative. Feel free to also include your personal experience to put a human face to the opposition.
For more information and the latest news on legislative activity, visit Hemp Association of Louisiana News.
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