Wyden calls Senate bill introduction 'important step'
WASHINGTON, DC, Oct. 1, 2024 /PRNewswire/ – Today, ONE HEMP, a coalition of industry leaders working to advance regulatory standards for hemp-derived cannabinoid (CBD) products, announced its long-standing commitment to regulating CBD as a dietary therapy. We welcomed the Congress' action on this matter. Supplements the introduction of the Cannabinoid Safety and Regulation Act (CSRA) by Senator Ron Wyden (R-Oregon). This legal milestone builds on collaboration among industry leaders, including Charlotte Webb (TSX: CWEB) (OTCQX: CWBHF), which has been at the forefront of advancing FDA-level regulatory standards for more than a decade. I am.
This measure recognizes the need for Congress to complete what was intended in the overwhelmingly bipartisan 2018 Farm Bill, which delayed CBD schedules in all 50 states, but jurisdictionally could not ensure that CBD products would be regulated by the FDA for these reasons. As a dietary supplement.
“ONE HEMP is deeply committed to a bipartisan legislative process and has worked closely with Congressional leaders on both sides of the political spectrum to provide scientific and market expertise,” ONE HEMP Advisor to Dentons US said Kelly D. Fair, partner and partner. “The Wyden bill marks the beginning of a process that will ultimately lead to an approach that fosters a vibrant CBD industry and ensures that millions of consumers have access to the highest quality and safest CBD products. .”
This legal milestone builds on collaborative efforts among industry leaders who are at the forefront of advancing regulatory standards at the federal level.
“The introduction of the CSRA is an important step for the CBD industry and is a testament to the collaboration between ONE HEMP and the Charlotte Web team in working with policymakers and the FDA,” said Bill Moranik, Chief Executive Officer of Charlotte Web. Ta. . “Charlotte's Web is collaborating with other CBD industry leaders as part of ONE HEMP to ensure the best path forward for the industry and, more importantly, for the millions of consumers who trust our products. I am proud to provide the support Congress needs to make this happen.”
“We applaud Senator Wyden’s leadership and continued commitment to the regulatory challenges facing the hemp industry. From the beginning, he has worked hard to ensure consumer safety and industry growth. The Cannabinoid Safety Regulation Act represents the complexity that must be resolved for a comprehensive regulatory framework. We look forward to continuing to work with policymakers on both sides to understand these issues and move this process forward,” said Prak Sharma and Dr. Priyanka Sharma, along with Kazmira. .
“CBDistillery is proud to be part of ONE HEMP and to work alongside and provide guidance to other responsible hemp companies. “This is a great first step in raising the bar for safety and quality and contributing to the growth of strong hemp products and a vibrant hemp industry,” said Bill Stouffer, president of CBDistillery.
The federal regulatory vacuum after the 2018 Farm Bill has been filled by the addictive hemp-derived synthetic cannabinoid products offered to consumers on the market as CBD, as states take the lead in taking action. , this Congressional action comes at a critical time. Often, non-addictive CBD products are unfairly captured. Most recently, California Governor Gavin Newsom took executive action to impose sweeping restrictions on the sale of full-spectrum hemp extract products that contain trace amounts of THC. This move alarms the entire hemp industry, as it could deprive the more than 5 million Californians who rely on CBD products for health and therapeutic purposes of access to safe, non-addictive CBD products. is evoking.
Although federal law does not preempt state law, it sets national standards to guide the manufacture and sale of CBD products in interstate commerce and distinguishes between intoxicating synthetic CBD and non-narcotic drugs derived from full-spectrum hemp. approach will be provided. The addictive CBD that 45 million consumers rely on every day, including families, seniors, veterans, athletes, and more.
ONE HEMP believes this announcement is an important regulatory milestone, validation of our engagement with Congress, and a call to action for industry stakeholders to join this effort. . As the legislative process progresses, these organizations will continue to advocate for swift passage of legislation, engage with additional partners and stakeholders to strengthen collaboration, and build broad 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. The group is comprised of leading voices in the CBD field and aims to serve as a scientific resource for policymakers and promote consumer safety and industry innovation. The group works with some of the world's leading cannabinoid researchers and toxicologists to ensure their approach is firmly rooted in solid scientific research and a deep understanding of CBD's safety profile. ONE HEMP's founding mission is to press Congress and the FDA for regulatory standards that treat CBD products as dietary supplements and serve as a primary scientific resource for policymakers to ensure safety and consistency for consumers. . ONE HEMP aims to set industry benchmarks and foster trust and innovation in the CBD space. Industry leaders participating in ONE HEMP include Charlotte's Web, Kazmira, and CBDistillery, among others. Together, these leaders represent some of the largest providers of CBD products. For more information about ONE HEMP, contact Kelly D. Fair (email protected).
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