In this episode of the Cannabis Accounting Podcast, host Raymond Guns sits down with Jim Ickes, Partner at Frantz Ward and one of the most experienced cannabis and hemp attorneys in the country, to break down the legal and financial reality facing the hemp beverage industry right now — and why the longer arc still points toward normalization.

Jim has been practicing law for 26 years, working in cannabis for a decade, and has advised everyone from Ohio operators to the Greek Ministry of Agriculture on medical cannabis frameworks. Since 2023, hemp beverages have been his primary focus — which means he had a front-row seat to both the boom and the regulatory gut punch that followed.

Jim breaks down:

🍺 Why hemp beverages took off: Low-dose THC gave millions of people a friendlier way to enjoy cannabis without the paranoia. Five milligrams was the sweet spot — and the industry grew fast because of it.

⚖️ The law nobody saw coming: In November 2025, a 0.4 milligram THC cap was quietly attached to a must-pass government funding bill. Businesses that had spent hundreds of thousands building hemp brands woke up to a completely different market overnight.

🗺️ What is happening state by state: Minnesota and Texas are building their own programs. Ohio is already pulling products off shelves. The market is shifting fast — and mostly heading south.

💰 The 280E problem nobody is talking about: If a hemp product crosses the federal THC limit it could be treated the same as marijuana — bringing the same crushing tax rules that have hurt cannabis operators for years.

The hemp beverage category took a hit, but the industry has absorbed worse. Jim's been in this long enough to know the difference between a setback and an ending — and this isn't an ending.

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👉 Connect with Jim Ickes: https://www.linkedin.com/in/jim-ickes-839a1113/