Creates regulatory scheme, in line with federal law, on sale of certain hemp-derived cannabinoid products; repeals law concerning intoxicating hemp.*

S 4509 provides additional licensing eligibility for businesses involved in the manufacture, distribution, and sale of intoxicating hemp products in New Jersey. The bill amends definitions to clarify what constitutes intoxicating hemp products, establishes new licensing categories, and permits out-of-state hemp entities to apply for New Jersey licenses if their home state's standards are substantially similar. It requires criminal background checks for applicants, provides a 120-day transition period for current license holders to comply with new requirements, and establishes tax and excise fee structures to fund social equity programs. The legislation aims to create a regulated market for intoxicating hemp products while addressing previous legal challenges to New Jersey's regulatory framework.