Cannabinoid products from hemp; sale regulated by Revenue Department, licensure required; tax imposed

SB 255 proposes to regulate the sale of hemp-derived cannabinoid products, defined as "novel cannabinoid products," directly affecting retailers and consumers. The bill would require the Department of Revenue to license businesses selling these products, prohibiting any business that also sells alcoholic beverages from obtaining a license. It mandates that the Department of Agriculture and Industries approve all products after third-party testing for potency, purity, and safety, along with specific labeling requirements. A six percent sales tax would be levied on these products, with proceeds, license fees, and civil penalties funding the Novel Cannabinoid Safety Fund to administer the new regulations.