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Cannabis industry experts discuss the stark contrast between Texas's recent ban on hemp-derived THC products and New York's efforts to strengthen its regulatory framework through a new track and trace program. Mark Hauser shares insights on market maturity, regulatory challenges, and the uncertain future facing both hemp and cannabis businesses.

• Texas just passed SB3, banning hemp THC products despite an estimated $8 billion marketplace
• Lieutenant Governor leveraged teacher wages and school funding to push prohibition against public opinion
• Texas Compassionate Use Program remains woefully inadequate with only about 8,000 patients served statewide
• New York implementing track and trace starting in August to address product diversion concerns
• Industry faces fundamental challenge of parallel regulatory structures for "hemp" and "non-hemp" cannabis
• Successful operators focus on tight margins, compliance excellence, and clear market positioning
• Mark predicts more debt restructuring for cannabis companies and a potential Farm Bill passage
• The cannabis industry may evolve into an "hourglass shape" with large players at top, craft producers at bottom
• Regulatory chaos at state level may be necessary to eventually drive rational federal policy
• Yiddish wisdom: "Trying to understand the cannabis industry logically is like trying to pick up a dead body with cups"

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