In a decisive and strategic move, Governor Ron DeSantis vetoed Senate Bill 1698 (SB 1698), marking a significant victory for the regulated hemp industry in Florida. This veto ensures the continued growth and innovation within the hemp sector, protects family farms and safeguards thousands of jobs and billions in revenue for Florida.
A Win for the industry:
The hemp industry in Florida has been a booming economic powerhouse, generating approximately $10 billion in sales in 2022. If enacted, SB 1698 threatened to decimate this thriving industry by imposing severe restrictions on hemp-derived products such as delta-9 THC, and an all-out ban on increasing popular products such as delta-8 and delta-10 THC. These restrictions would have led to significant job losses and economic setbacks.
Governor DeSantis’s veto preserves this vital industry in Florida, allowing businesses to continue their operations, innovate, and expand. One of the critical elements of this victory is the protection of consumer access to hemp products, reinforcing the ability for adults and veterans to choose the products that provide them functional relief.
This victory would not have been possible without the relentless efforts of advocacy groups like American Healthy Alternatives Association and Florida Healthy Alternatives Association. These organizations played a crucial role in highlighting the economic benefits and advantages of hemp products. Their advocacy underscored the potential harm that restrictive regulations would cause, not only to the industry but also to the consumers who depend on these products.
Governor DeSantis’s veto of SB 1698 is more than just a political maneuver; it is a testament to the power of advocacy, economic foresight, and the importance of consumer access. For the hemp industry and companies like MC Nutraceuticals, this decision is a clear indication that the state recognizes the value and potential of hemp products.
The veto is another display of why MC Nutraceuticals is going to maintain our role as an industry leader for years to come.
