Hemp Bill Hits Rocks In Ky. House Committee
By BRUCE SCHREINER
FRANKFORT, Ky. (AP) â¿¿ Momentum for a bill laying the groundwork for a possible industrial hemp comeback skidded to a halt Wednesday when a Kentucky House panel failed to vote on the measure, which would set up state oversight of the one-time agricultural staple if the federal government pardons the illegal crop.
The House Agriculture and Small Business Committee heard nearly two hours of testimony but took no action on the measure, which would allow the state agriculture department to license hemp growers if production becomes legal. A lawmaker's motion seeking a vote was ruled out of order by committee Chairman Tom McKee.
McKee wants to overhaul the bill to allow a university-led study of hemp, which thrived in Kentucky generations ago but has been banned for decades since the federal government classified it as a controlled substance related to marijuana. Hemp has a negligible content of THC, the psychoactive compound that gives marijuana users a high.McKee, D-Cynthiana, never called for a vote on his proposed substitute, and hemp supporters said it showed he didn't have enough committee support. Later Wednesday, McKee reconvened the committee briefly during a recess on the House floor, but no action was taken on the bill. Hemp supporters, led by Kentucky Agriculture Commissioner James Comer, a Republican, criticized McKee for stalling the bill. They urged the committee to resist a rewrite and to advance the version that easily passed the GOP-led Senate. They said the bill would put Kentucky at the forefront of the national hemp movement if the federal ban on the crop is ever lifted. The bill also includes safeguards to monitor hemp production that would benefit law enforcement, they said. Comer said that McKee â¿¿ his longtime House colleague â¿¿ had "pulled the rug out from under all of us."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV