Legislation aimed at restricting hemp could cost Florida industry billions of dollars

TAMPA, Fla. - Florida's budding hemp industry is worth almost $7 billion in retail sales alone, and industry experts say that's why they are sending out warnings. 

They say proposed legislation aimed at restricting hemp could end up costing the state billions of dollars as well as thousands of jobs. 

Funded by pro-hemp groups, Beau Whitney of Whitney Economics just did a study on the size, scale and economic impact of Florida's booming hemp-industry. Because of hemp and a loophole in the 2018 federal farm bill, products like Delta 8 marijuana are technically legal and have been flying off store shelves.

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"For example, the total retail sales from the 9,500 retailers that are licensed to sell hemp products is $6.9 billion a year," said Whitney. 

He says that's more than three times the sales of medical marijuana and doesn't even include the billions from manufacturing and distribution. Derived from hemp, Delta 8 is a lighter version of traditional marijuana, which can only be purchased in Florida with a medical card. 

"Hemp has a significant economic impact on the Florida economy, it’s a major driver of revenue, it’s a major driver of jobs," Whitney said. 

It's jobs and revenue that could be in danger of going up in smoke. Legislators in Tallahassee are pushing bills that would significantly restrict hemp and limit the amount of derived THC to levels far lower than currently allowed.  

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Whitney's study found if passed, that could force 6,000 licensed retailers to close, costing some 64,000 jobs and $3.5 billion in lost wages. But there are people on both sides of the issue.

"I feel like it’s really in the best interest of our children and families if these bills pass," said Ellen Snelling, the director of the Hillsborough County Anti-Drug Alliance.  "I know they're making a lot of money I’m quite aware of that. I think there’s so many ways they can use hemp products in a positive way that would not get our children sick."