Richmond-based Bingo Beer legally joined a nationally-growing market for hemp-derived THC products earlier this year when it unveiled THC seltzers. The nonalcoholic beverage option has been growing nationwide as an alternative for people who are looking to cut back or cut out alcohol altogether. A recent Gallup poll showed the percentage of Americans drinking alcohol has fallen to 54%.
Analysts and farmers say the hemp-based THC industry, however, could come to an abrupt halt by November of next year as Congress voted to ban most hemp-derived THC products in a last-minute addition to a government spending bill that ended the most recent government shutdown.
The THC seltzers and other hemp-based products are a "big and growing segment of the economy," Bingo Beer co-owner Jay Bayer told the Mercury earlier this year.
"I don't think the solution is to put the genie back in the bottle," Bayer said in a recent call. He added that offering THC products has been a "lifeline" for some in the alcoholic beverage industry to stay afloat while meeting consumers' needs. But as Virginia continues to explore a legal cannabis market, Bayer is eyeing possible ways to pivot.
Read more at News From the States
