Calls Wyden Senate bill introduction a
'critical step'
WASHINGTON, DC, Oct. 1, 2024
/PRNewswire/ - Today ONE HEMP – a coalition of industry leaders
committed to advancing regulatory standards for hemp-derived
cannabinoid (CBD) products – hailed long overdue Congressional
action toward the regulation of CBD as a dietary supplement with
the introduction of the Cannabinoid Safety and Regulation
Act (CSRA) by Senator Ron Wyden
(OR). This legislative milestone builds upon the collaborative work
between industry leaders, including Charlotte's Web (TSX: CWEB)
(OTCQX: CWBHF), which has been at the forefront of advancing
FDA-level regulatory standards for more than a decade.
This action is a recognition of the need for Congress to
complete what it intended in the overwhelmingly bipartisan 2018
Farm Bill, which de-scheduled CBD in all 50 states, but due to
jurisdictional reasons failed to ensure that CBD products would be
regulated by the FDA as dietary supplements.
"ONE HEMP has been deeply
committed to a bipartisan legislative process and has worked
closely with Congressional leaders on both sides of the political
aisle to provide scientific and market expertise," said
Kelly D. Fair, ONE HEMP counsel and Partner at Dentons US.
"The Wyden bill marks the beginning of a process that will
ultimately lead to an approach that will promote a vibrant CBD
industry and ensure access for millions of consumers to the highest
quality and safest CBD products."
This legislative milestone builds upon the collaborative work
between industry leaders at the forefront of advancing
federal-level regulatory standards.
"The introduction of the CSRA is a critical step for the CBD
industry and a testament to the collaborative efforts of
ONE HEMP – along with the
Charlotte's web team – to engage policymakers and the FDA,"
said Bill Morachnick, Chief
Executive Officer of Charlotte's Web. "Charlotte's Web is
proud to be joined together with other CBD industry leaders as part
of ONE HEMP to provide the support
Congress needs to ensure the best possible path forward for our
industry, and, more importantly, the millions of consumers who rely
on our products."
"We commend Senator Wyden for his leadership and continued
commitment to addressing the regulatory challenges facing the hemp
industry. From the beginning, he has recognized the need for
thoughtful solutions that ensure consumer safety and industry
growth. The Cannabinoid Safety and Regulation Act demonstrates a
thorough understanding of the complex issues that must be resolved
for a comprehensive regulatory framework. We look forward to
continuing to work with policymakers on both sides of the aisle to
help move this process forward," said Mr. Pulak Sharma and Dr. Priyanka Sharma with Kazmira.
"CBDistillery is proud to be a part of ONE HEMP and to work collaboratively with other
responsible hemp companies to provide guidance. This is a
great first step in providing clarity for consumers, raising the
bar on safety and quality of products and helping foster a
robust and vibrant hemp industry," said Bill Stoufer, President of CBDistillery.
This Congressional step comes at a critical time, as the vacuum
of federal regulation in the wake of the 2018 Farm Bill has been
filled by intoxicating hemp-derived synthetic cannabinoid products
being presented to consumers in the market as CBD, leading states
to act – and often unduly capturing non-intoxicating CBD products.
Most recently, California Governor
Gavin Newsom took an executive
action that imposed a blanket restriction on the sale of
full-spectrum hemp extract products that contain even trace amounts
of THC. This move has raised alarm across the hemp industry, as it
could eliminate access to safe, non-intoxicating CBD products for
over 5 million Californians who rely on them for wellness and
therapeutic purposes.
While federal legislation will not preempt state law, it will
set a national standard that will guide the manufacture and sale of
CBD products in interstate commerce, and offer an approach for
differentiating between synthetic, intoxicating CBD, and
full-spectrum hemp-derived non-intoxicating CBD that 45 million
consumers, including families, seniors, veterans, athletes, and
more, rely on every day.
In addition to being a significant regulatory milestone,
ONE HEMP views this announcement as
validation of its engagement with Congress, and a call to action
for industry stakeholders to join the effort. As the legislative
process moves forward, these organizations will continue to
advocate for the swift passage of the bill, engaging additional
partners and stakeholders to strengthen the coalition and build
widespread support for the regulatory framework.
About ONE HEMP
ONE HEMP is an industry working
group dedicated to advancing regulatory standards for hemp-derived
cannabinoid products. Comprising leading voices in the CBD sector,
the group serves as a scientific resource for policymakers and
seeks to promote consumer safety and industry innovation. The
group has enlisted some of the world's foremost cannabinoid
researchers and toxicologists, ensuring that their approach is
firmly rooted in robust scientific research and a deep
understanding of CBD's safety profile. ONE
HEMP's founding mission is to demand regulatory standards by
Congress and the FDA that treat CBD products as dietary supplements
and serve as a leading scientific resource to policymakers to
ensure consumer safety and consistency. ONE
HEMP aims to set industry benchmarks, nurturing trust and
innovation in the CBD sector. Industry leaders that have
joined ONE HEMP include – among
others – Charlotte's Web, Kazmira, and
CBDistillery. Taken together these leaders represent some
of the largest providers of CBD products. To learn more about
ONE HEMP, contact Kelly D. Fair at Kelly.fair@dentons.com.
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SOURCE ONE HEMP
