Hemp Shops in Florida Poised to Benefit from Failu

Hemp Shops in Florida Poised to Benefit from Failure to Legalize Recreational Marijuana

Small hemp retailers in Florida may benefit from the ongoing ban on recreational cannabis, following Amendment 3’s failure at the ballot. At the moment, over 9500 shops in the state are licensed to sell cannabis-like products derived from the hemp crop. Of this number, nearly 1500 are found in Tampa Bay. This includes Chillum Mushroom & Hemp Dispensary, The Hemp Spot and St. Pete 420.

A recent investigation found that some of these products meet the definition of cannabis but remain on the shelves regardless. The investigation also discovered that other products also contained harmful levels of pesticides and mold.

Since June 2023, the state’s Agriculture and Consumer Safety department has found over one million hemp products on shelves that infringe state law. According to state law, hemp and its products should contain no more than 0.3% THC. Any higher percentage of this compound classifies the plant and its products as marijuana.

If Amendment 3 had been approved, hemp retailers would’ve been dealing with heavy competition from huge cannabis corporations. This is because big medical cannabis firms based in Florida would’ve been able to sell cannabis to consumers without the need for medical cards, reducing traffic to hemp shops.

Currently, only twenty-eight medical cannabis firms are allowed to cultivate, process, distribute, market, and sell their products in-house without contractors or middlemen. To obtain a license, parties need to part with $146,000. This means that only firms with the funds to operate could comfortably participate in the industry.

St. Pete 420 co-owner Micky Morrison argued that the measure gave the big firms control of the industry, which would’ve made it hard for smaller businesses to operate.

Attorney Zack Kobrin added that Amendment 3 didn’t offer any opportunities for small businesses. This explains why the hemp industry fiercely campaigned against the measure, claiming that it’d establish a corporate monopoly among the firms already licensed to sell medical cannabis in the state.

This, coupled with the narrative that the measure was a cash grab by the biggest medical cannabis vendors in Florida at the expense of small businesses, may have swayed voters who were in favor of its passage. Governor DeSantis is also said to have played a role in helping the industry win this fight.

For the moment, things appear to have settled, but Kobrin reveals that there is still concern that this measure could be introduced again in 2025. This concern has seen the industry hire influential campaigners like Executive Director Bill Helmich of the Republican Party of Florida.

Entities like Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) will be hoping that regulatory clarity is established in Florida and other markets so that the hemp industry can continue to grow in ways that don’t compromise consumer protection.

NOTE TO INVESTORS: The latest news and updates relating to Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) are available in the company’s newsroom at https://cnw.fm/SFWJ

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