Cannabis Musings - May 23, 2025

Hemp really *is* cannabis!

Friends – in case you missed it, you can now enjoy me aurally by listening to yesterday’s High Spirits podcast – the video replay is posted, and you can pick up the audio where you get all your other favorite podcasts. We had a free-flowing discussion about some of the latest news (a focus I appreciate about what AnnaRae Grabstein and Ben Larson do on the podcast), and psychoanalyzed why I continue to love an industry that I’m so down on.

I wanted to expand a little on one of our topics, namely the news that the Texas legislature has pretty much shut down the so-called “intoxicating hemp” industry there (unless the bill is vetoed, but what are the chances of Governor Greg Abbott overruling the will of Lieutenant Governor Dan Patrick?). Our friends at Cultivated have a good writeup on the news today, pointing out some of the political and popular dynamics at play. The hemp industry is up in arms and the politicians are thinking of the children.

As I noted on the podcast, this may be a smidge too cynical, but this result should come as a surprise to no one (or, at least, readers of these Cannabis Musings). We’ve talked for years about the fact that Congress never intended for the 2018 Farm Bill to legalize psychoactive/psychotropic products (there’s evidence out there that some key Congressional folks might have been made aware of the vagueness of the language before the Farm Bill passed, which is more suggestive of political laziness rather than affirmative intent). And granted, Congress has had years to close the loophole if it wanted, but it hasn’t. But, to think that federal and state politicians, particularly those who are still vehemently opposed to non-hemp cannabis legalization (and their base of voters who show up to the polls in the primaries), would be cool with the indefinite proliferation of (relatively) underregulated, easily-purchased THC-rich products with seems shortsighted – just like the non-hemp cannabis folks spent years convinced (deluded?) that federal legalization was just around the corner.

What’s happened in Texas, and is gradually happening in many other states, is yet another example of our rule that cannabis policy is never rational. Sure, hemp is a federally legal plant, even if that’s due to a loophole. Sure, the majority of Texans opposed the ban, and the industry has materially contributed to the state’s economy. Sure, the hemp industry worked to find a rational compromise that would still allow for properly regulated, reasonable access. Sure, Texas’ medical cannabis program is woefully underdeveloped to fill in the gap. How much of that matters? Bupkes.

Hemp really is cannabis! Farshtaist?

Be seeing you.

© 2025 Marc Hauser. None of the foregoing is legal, investment, or any other sort of advice, and it may not be relied upon in any manner, shape, or form. The foregoing represents my own views and not those of Jardín.