Texas Hemp Ban Threatens to Cost $7.2 Billion, Economist Says

Texas will take a $7.2 billion hit annually if the state proceeds with banning smokable cannabis and certain hemp skincare and hair products, an economist testified Tuesday in state court.

About 36,000 jobs will be eliminated as businesses close or relocate to more hemp-friendly states, Beau Whitney said in a Travis County, Texas, courtroom. Increasing license fees to sell remaining products, as the rules require, from $150 to $5,000 will also cripple the industry, he said.

“It’ll have a rather devastating effect,” Whitney, testifying for the plaintiffs, told a packed courtroom in the closely-watched case.

The $7.2 billion estimate includes ...