relative to the licensure, regulation and taxation of hemp-based derivative products.

SB 485 establishes rules for hemp-derived products containing cannabinoids (like delta-8 THC) by defining them and setting a strict limit: products must contain no more than 0.3% THC on a dry weight basis. It creates a licensing system through the Liquor Commission for businesses selling these products, requiring retailers, suppliers, and wholesalers to obtain licenses. The bill also imposes a tax on wholesale sales of these products and prohibits sales of any hemp-derived product exceeding the 0.3% THC threshold. This directly affects hemp product businesses and the Liquor Commission, which will enforce licensing, regulations, and tax collection under existing law.