‘Layoffs are possible’: New laws regulating hemp set to go into effect July 1
THE Dispensary Richmond says soon-to-be-banned products make up 98% of their business.
New laws regulating hemp are set to take effect in Virginia on July 1 — and stores across the Commonwealth are preparing to take products off the shelves in the next few days.
In April, the General Assembly approved Governor Glenn Youngkin’s changes to a bipartisan bill that bans hemp products with more than two milligrams of THC, the psychoactive ingredient in marijuana.
“That is 98% of our products,” Sarah Grant, General Manager of THE Dispensary Richmond said. “We took in almost two million dollars last year.”
Grant says with fewer ways to make money, layoffs are possible.
“It’s heartbreaking,” Grant said. “We have been in business a little over two years. Most of us who work here have been here that entire time, working together. We are definitely a family.”
The legislation makes exceptions for products containing 25 times more CBD compared to THC after many argued that those products can be used for therapeutic reasons. Despite that, Grant says people won’t be able to get the products they need.
“Whether it’s having trouble sleeping, anxiety, depression, that kind of thing, and a lot of people do count on us for their medications,” Grant said.
Grant says with so many products set to disappear, she’s expecting a rush of customers.
“We have seen an uptick in business the last week or so and we are anticipating that to continue for as long as it can,” Grant said.
The new law also requires shops that manufacture or sell hemp to fill out a disclosure form explaining the new regulations and potential punishments they could face.