BINGHAMTON, N.Y. — Almost a year after the Hemp Extract Law (A8977/S6968) was signed into law by Governor Cuomo, the New York State Department of Health released regulations to ensure standardization across the market. When they take effect, the new rules will apply to the entire supply chain; licensing retailers and processors, ensuring quality and labeling standards on all products, and declaring which products can be sold.
Within these new guidelines, food, beverage, vaping, cosmetics, and supplement products containing hemp derived cannabinoids can be manufactured and sold within the State. This will undoubtedly expand the market opportunities for New York based companies while drawing in out-of-state companies.
Certain provisions, however, could prove to be costly and restrictive for business. Most notably, hemp flower products are restricted for sale despite being one of the fastest growing market segments in the hemp industry.
Link to the full regulations: https://regs.health.ny.gov/regulations/proposed-rule-making
“This is an important step for New York State as it becomes a global leader in the hemp extract market. It is also sends a clear message to the industry that the FDA’s lack of oversight and inconsistent enforcement will no longer apply to the 20 million residents of New York. The playing field has been leveled for our manufacturers and brands.” –Kaelan Castetter, CEO of CCG & VP of the New York Cannabis Growers & Processors Assocation
“The long-awaited hemp extract regulations will help create a consumer-safe, national model. One initial concern, however, is the proposed ban on the sale of CBD flower. This is an already popular product line for many NY businesses, and has the potential to hurt small farms in particular. The public will now have the chance to weigh in on the proposed regulations to raise this and any other concerns they may have. This industry has the potential to establish a new sector of the economy, merging agricultural interests with manufacturing and retail.” –Assemblywoman Donna Lupardo, Chair of Assembly Committee on Agriculture & Senator Jen Metzger, Chair of Senate Committee on Agriculture
For more information about hemp and cannabis industry regulations, please visit www.ccgresults.com.
ABOUT CASTETTER CANNABIS GROUP
Castetter Cannabis Group has led the charge on helping make New York a leader in the global hemp industry by advocating for a fair regulatory scheme that protects consumers, levels the playing field for in-state producers, and allows businesses greater market access. The firm works with businesses in all segments of the industry to provide regulatory analysis, strategic planning, and critical insights born out of their decades long experience.
–Castetter Cannabis Group
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