House Bill 7029, introduced in the Florida State Legislature on April 25, 2025, aims to enhance regulatory oversight of hemp consumable THC products sold at retail. The bill establishes new record-keeping requirements for dealers, mandating that they maintain comprehensive records of sales, invoices, and gross receipts for a minimum of ten years. This initiative seeks to ensure compliance with state regulations and facilitate the inspection process by the Department of Agriculture and Consumer Services.

Key provisions of the bill include the stipulation that all records must be readily available for inspection during reasonable hours at the dealer's business location. Additionally, dealers maintaining records outside of Florida must ensure accessibility for state inspections. Violations of these record-keeping requirements could result in misdemeanor charges, escalating to felony charges for intentional destruction of records aimed at evading tax obligations.

The introduction of House Bill 7029 has sparked discussions among lawmakers and industry stakeholders regarding its implications for the hemp market in Florida. Proponents argue that the bill is necessary to prevent tax evasion and ensure consumer safety, while opponents express concerns about the potential burden on small businesses and the feasibility of compliance.

The bill's passage could have significant economic implications, particularly for the burgeoning hemp industry in Florida, which has seen rapid growth in recent years. By tightening regulations, the state aims to create a more transparent market, potentially increasing consumer confidence and fostering responsible business practices.

As the legislative process unfolds, stakeholders will be closely monitoring amendments and debates surrounding House Bill 7029, which could shape the future of hemp regulation in Florida. The bill's progress will be a critical indicator of the state's approach to managing the evolving landscape of cannabis-related products.