Hemp vs. Marijuana: Meet The Innovator Capitalizing On A $28 Billion Legal Loophole | Forbes
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Published 2024-06-27
And while local police have raided vape shops selling these cannabis products, Justin Journay, the CEO and founder of 3Chi, insists that he is operating within the letter of federal law—despite the fact that the state’s Attorney General, Todd Rokita, believes companies like his are committing a felony.
That’s because 3Chi’s products are made from marijuana’s cannabis cousin, hemp. In 2018, the federal government legalized hemp and all its derivatives, isomers and extracts through the Agricultural Improvement Act, or what’s known as the Farm Bill. And since hemp and marijuana are different varietals of the same plant—cannabis sativa L.—they contain the same compounds and hemp can be used to make products of similar potencies, or even stronger, than those found in state-regulated marijuana dispensaries around the country.
Despite what the Farm Bill states, there is still plenty of debate about whether hemp-derived THC products are legal at the federal level. That’s because several things are true all at once: hemp-derived cannabinoids, including delta-9 THC, delta-8 THC (a less potent compound that is affectionately called “weed lite” or “decaf kush”) and others, are legal under the Farm Bill if those compounds are found naturally in the plant, meaning if a company takes a heap of hemp and extracts THC, that oil is legal if it contains 0.3% THC or less. In an opinion from the 9th Circuit Court of Appeals in 2022, judges ruled that cannabinoids derived from hemp are legal under the Farm Bill, even if the substances have psychoactive properties.
Read the full story:
www.forbes.com/sites/willyakowicz/2024/04/19/the-c…
0:00 Introduction
0:48 The Legalization Of Hemp And Marijuana In The US
3:28 Justin Shares His Cannabis Offerings At 3Chi
8:29 The Farm Bill And What That Means For The Cannabis/Hemp Industry
12:52 How Does State vs. Federal Legalization Work?
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All Comments (21)
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Cannabis should be absolutely just as legal and easy to obtain anywhere as alcohol currently is. In every single state. No exceptions. It's so easy: As legal and easy to obtain/use as alcohol currently is. Why hold relatively benign, often healing cannabis to any sort of irrational, stricter double standard than perfectly legal alcohol?
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Hemp in the United States is a legal crop. It was legal in the 18th and 19th centuries, then production was effectively banned in the mid-20th century, and it returned as a legal crop in the 21st century. By 2019, the United States had become the world's third largest producer of hemp, behind China and Canada. Source Wikipedia
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The plant that allowed both the Spanish Armada and the Royal Navy colonize the new world. Ships once had sails, and sails were made of hemp. Hemp: hemp was pre industrial age petroleum .
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Once the 2018 Farm Bill changes, it may kill or almost kill his business.
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I can't believe we're having this conversation in 2024 😭😭😭 It's been used before United States of America even existed. Recreational, medicinal the decision should be placed on people's hand 🙏🙏🙏
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wow! this is absolutely amaizng. watch til the end!
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Now the landlords have a reason to raise monthly rents.. Get ready for rent inflation
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It'd be interesting to cover how to small home-grow tent market is changing
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Why he just doesn’t open a start plantation for flower in a state where he can make legally flowers
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Stop using the bad pesticides 🙏🏾
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Nice video
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Can I help you?
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Down with synthetic THC ... I want the real deal, I am glad for schedule 3, so take your thc8 or whatever you call it and get twisted!
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Stop chasing thc, mixing is the way
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Outstanding information,with world crisis,rising inflation and economic instability due to poor governance, consider digital assets as a means to attain financial freedom.
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420th like
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😂
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make it federally legal. i’d rather pay the taxes on clean natural flower than have to buy synthetically made cannabinoids like these.
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🫡💎📈
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Is forbs invested in this company or something? Cause theres definitely some less than factual statements. Like how cannabis dispensarys dont have anything other than delta 9. Most of the edible brands i sell at my dispensary have cbd, cbg, cbn, thc-v. Those just recently started being studied. There hasnt been any demand for them till now. Why would companies be responsible for not selling those 20-30 years ago when no one new they existed? Hemp and marijuana as yall call it are the same thing. It's all cannabis. The only difference is that each cultivar (each strain) has different levels of different cannabinoids. Also, delta 8 doesnt naturally accure in high enough levels for extraction, they use hydrochloric acid to convert delta 9 to delta 8 which makes it synthetic. No one should be consuming synthetic cannabinoids. Also we dont know the long term safety of delta 8 synthetics. We do know that normal cannabis is safe. And we have 3000 years of experience to tell us that.
