Last week, the Department of Veterans Affairs rejected an application made by a veteran requesting that his hemp product firm be recognized. In its denial letter, the department stated that the department could not endorse the business because it was involved in products derived from the same genus of the marijuana plant, which would give the impression that a federal agency was endorsing the plant.
This rejection highlights the confusion around hemp’s legal status, which is defined as cannabis sativa L., and its derivatives, which contain less than 0.3% THC under U.S. law. Marijuana products with higher THC concentrations are still classified as Schedule I substances and remain illegal under the Controlled Substances Act.
The company in question, Holistic Serendipity LLC, operates under a native ceuticals licensing agreement. The company, which is owned by Zack Zindler, was seeking certification as a veteran-owned, service-disabled small business. This designation would allow the company to compete for contracts in the federal government.
While some federal agencies allow companies to self-certify service-disabled veteran-owned small businesses, the Department of Veterans Affairs requires that businesses be verified through its Center for Verification and Evaluation. Director John Perkins stated in the letter denying the application that verification would grant the company the ability to use the VA’s veteran-owned business trademark, which would give the appearance that the department was promoting the use of a Schedule I controlled substance.
The letter also made it clear that Native Ceuticals Tampa was a hemp company, noting that, based on online research as well as the documentation submitted, it sold products derived from hemp.
Zindler started his company last year in May. His objective, he said, was to offer alternatives to pharmaceuticals and narcotics for members of the military who were recovering from mental health conditions such as post-traumatic stress disorder or physical injuries. In his statement, the Marine veteran revealed that hemp had helped him regulate and process his emotions as well as helped him manage physical ailments, without side effects or dependency.
Zindler also revealed that he’d applied for a federal contracting program in an attempt to reach more military service members, which required him to seek verification from the Department of Veterans’ Affairs as a service-disabled, veteran-owned small business.
Currently, hemp is legal under federal law and was legalized under the 2018 farm bill. Earlier this year, however, a measure was filed in Congress that would increase hemp’s THC limit to 1%.
It is this kind legal or regulatory confusion that indirectly makes it more challenging for entities such as Advanced Container Technologies Inc. (OTC: ACTX) because potential clients may become hesitant after reading stories such as the one Zindler shares.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.
The post 420 with CNW — VA Declines Certifying a Veteran’s Hemp Because of Marijuana’s Federal Status appeared first on CannabisNewsWire.