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Asking this because I'm dumb but, how exactly will this effect the current legal markets?
If I remember correctly, legal states still had weed prior to 2018. Did the 2018 Farm Bill benefit the legal markets in ways that I'm unfamiliar with? I assume it helped supply which this will undo but am I missing anything else?
Dumbass here (so please don't take my word as gospel),
What this is referring to are products that have intoxicating effects that are derived from hemp. Those products have less than 0.3% THC by weight so they could be manufactured and sold because of provisions in the 2018 bill. It's an entirely separate product from traditional marijuana. States that have legalized weed won't have the "normal" weed market impacted
Ok gotcha. So sounds like I won't be able to walk into a gas station and get Delta-9 gummies in my illegal state but I'll still be able to go to the next state over and buy whatever I want from their legal dispensary.
Thanks for clearing that up
People will get the deltas shipped in from global shops or try making it themselves with dangerous chemicals that need be properly removed afterward, don’t worry. The price between delta 8 and delta 9 is just too wide that a country built on market capitalism and class-based disenfranchisement won’t be able to resist. You’ll have a less safe blackmarket soon enough, but the good news is that drug dealers don’t check ID so it’s technically more accessible to kids now too. /s
Depending on what legal state you live next to, this ban may be eliminating any competition cutting into insanely marked up sales at your local state run monopoly.
So just to clarify, you're saying weed prices may go up because of this?
No, but I'll give you an example of what I mean.
I know this isn't the case in every state with medical or recreational, but I live in a state where the laws for medical cannabis were clearly set up to create a monopoly, and eliminate competition, so that only the state and friends of the state could profit.
The marijuana sold in the dispensary can only be grown by the state, and there isn't much variety in products available for purchase.
To qualify for a medical license, all of your information has to go into a state run database, and you have to pay some kind of annual fee to renew your license.
To be eligible to even open a dispensary and sell the state's legal marijuana, you had to already have an existing pharmacy in place for something like 8 years when the medical law was passed, and you had to meet very specific zoning laws. Not surprisingly all that criteria applied to only 1 family owned pharmacy.
Since there wasn't any competition, the state and the single dispensary were able to mark up their prices to an insane degree. But what are you going to do, they're the only game in town.
Except when private businesses started taking advantage of the legal federal loophole for THC products derived from hemp, it created a competitive market for people to purchase legal hemp derived THC products (THC seltzers, gummies, etc.). It started to cut into the state run monopoly's business, because clearly why would anyone keep paying for exorbitantly overpriced and pretty mediocre products if you didn't have to?
In other words, capitalism and the free market actually worked a little too well for the wrong people, so small government free market loving Republicans tried and failed to crack down on hemp derived THC products at the state level.
This ensures their monopoly can continue to exploit the public without having to worry about competitors cutting into their business. Weed prices won't go up (hopefully) but they can keep charging whatever they want because the federal government is eliminating their competition for them.
Again, I know this isn't the case in every state, but I would be very surprised to learn it's only the case in Louisiana.