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Months after the legalization of adult-use cannabis, New York might decide to join the growing number of states prohibiting the sale of delta-8 THC.
New York's Health Department amended its regulation relating to the processing and retail sale of what it terms "cannabinoid hemp" in late May.
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Now, the newly completed Cannabis Control Board (CCB) appointed by Gov. Kathy Hochul. is apparently planning to take up the delta-8 issue at its next meeting as part of ongoing discussions around the regulatory landscape of the state's cannabis program, the Marijuana Regulation and Taxation Act (MRTA).
With the upcoming third CCB assembly scheduled for Nov.3, some assumptions suggest that the regulators may go so far as banning delta-8 THC.
Not everyone is happy.
The co-owner of a cannabis and kratom retail chain, CBD Kratom, is among the unhappy. David Palatnik preemptively slammed the CCB for possibly moving to ban delta-8 and thereby affecting not just consumers and local business but, in his words, the overall New York economy.
"The CCB is simply not doing the job they were appointed to do on behalf of the people in New York state," Palatnik said. "They claim this ban is for the benefit of public health, but how is that possible when consumers have asked for regulations, not a ban?"
One of the problems with delta-8 THC lies in the way it is produced. The new industrial methodologies are based on the extraction of CBD from industrial hemp and the use of acetic acid and other little-known chemicals to turn it into THC, making it an intoxicating cannabinoid synthesized from hemp, as opposed to a naturally found compound in the plant.
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Another problem with Delta-8 THC is that it's not regulated. Although like CBD products, it can only contain up to 0.3% of the cannabinoid molecule, its sale is widely available around the country
In view of a possible ban, CBD Kratom issued a public comment letter to thousands of customers and constituents, encouraging them to send the letter to CCB board members and state representatives.
"Instead of trying to safely regulate Delta-8 THC, the CCB is looking to push our emerging industry out of the light and back into the dark," Palatnik said.
Meanwhile...Recreational Cannabis Businesses Won't Get Permits Until 2023
CCB chair Tremaine Wright said last week in Rochester that she anticipates licenses for the first recreational marijuana dispensaries will not be issued for at least 18 months.
"What we do control is getting (dispensaries) licensing and giving them all the tools so they can work within our systems," Wright said.
Some Progress
Four out of ten medical cannabis companies functioning in New York, including Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF), Columbia Care Inc. (NEO: CCHW) (OTCQX:CCHWF) (FSE:3LP), Goodness Growth Holdings, Inc. (CSE:GDNS) (OTCQX:GDNSF) and PharmaCann recently launched whole flower cannabis sales, which had been prohibited under the state's medical-marijuana program all these years.
Photo: Courtesy of Oliver Niblett on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.