Governor Cuomo finally signed the hemp extract bill into law this week. The legislation is intended to set a framework for growers and processors in the state as well as to protect consumers. The manufacturing and label standards for hemp extracted products have been set which will ensure that consumers know where the products they’re purchasing came from and that they’re safe. The new regulations also require all facets of the industry—growers, processors and retailers—to obtain state permits and conduct lab tests on all products by independent labs.
Sponsor of the bill, Assemblywoman Donna Lupardo, claims that New York has taken charge by setting these standards and setting an example for other states to do the same. “Florida, as you know, they’ve been struggling with their citrus crops. They’re looking for something else to grow. They’re looking to New York for leadership. It’s a nice thing,” says Lupardo.
Kaelan Castetter, CEO of CSG Hemp agrees with Lupardo and says NY is getting ahead of FDA actions that could lead to a marketplace dominated by “big pharma.”
“As an industry, if we don’t get in line, if we don’t say safety first and put these standards out, large pharmaceutical companies like Pfizer are going to just eat up the entire market,” Castetter said at a press conference.
The bill also grants the Department of Agriculture and Markets supervision over hemp growers, it grants the Department of Health supervision over hemp extract and creates a registration requirement for sellers of hemp extract products. All products derived of hemp will be required to be extracted and manufactured in accordance with Good Manufacturing Processes (GMP). The law also requires that hemp companies based in NY use only crops grown within the state.
“The hemp industry in New York is exploding and with that growth comes a responsibility to regulate the industry in a way that helps ensure its long-term viability and protects consumers,” Cuomo told the New York Post.