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With Congress passing the funding bill on Wednesday, ending the record-long government shutdown, a controversial provision has made its way into the bill’s provisions, one that is sparking alarm across the hemp and cannabis industry.
A last-minute provision in the funding package that the Senate passed on Monday comes with a surprise catch: the criminalization of several THC-infused and hemp-derived products across the country, which were legalized as part of the Farm Bill in 2018.
The dispute centers on how hemp was defined in 2018. Under that law, hemp became legal so long as it contained less than 0.3% delta-9 THC, the primary intoxicating compound in cannabis.
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According to a 2025 Congressional summary, “the cannabis industry began producing certain cannabis products that contain less than 0.3% delta-9 THC but a total THC concentration that exceeds 0.3%," creating products that "may be intoxicating.”
Sen. Rand Paul (R-KY) railed against the provisions on Monday, warning that the bill “wipes out nearly 100% of legal hemp products overnight,” leading to job losses and overriding 23 state laws that are already regulating these products.
Paul also noted that hemp was a lifeline for farmers in the country, who had been reeling from rising “fertilizer, fuel, and equipment costs.”
“Instead of working with us to crack down on bad actors and synthetic cannabinoids, some in Congress chose prohibition,” Paul said, in a post on X.
The impact on stocks and the industry is not as straightforward, with a few multi-state operators that don’t sell Delta-8 beverages or hemp-derived THC gummies poised to benefit from this regulation, since it eliminates a major gray-market competitor.
On the other hand, stocks with exposure to hemp-derived THC products, alongside a few Canadian players, such as Tilray Brands Inc. (NASDAQ:TLRY), which saw this segment as a way to foray into the U.S. markets, have been hit particularly hard.
| Stocks / ETFs | 1 Day Performance | After Hours | Year-To-Date |
| Tilray Brands Inc. (NASDAQ:TLRY) | -4.65% | +1.63% | -15.75% |
| Curaleaf Holdings Inc. (OTC:CURLF) | -1.76% | – | +69.51% |
| Green Thumb Industries Inc. (OTC:GTBIF) | -3.45% | – | -14.11% |
| AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) | -2.92% | +0.23% | +5.88% |
| Roundhill Cannabis ETF (BATS:WEED) | -2.39% | -1.88% | +7.78% |
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Photo: Plateresca/Shutterstock
