NE LB316

Redefines hemp to include stricter THC limits: raw hemp must have no more than 0.3% delta-9 THC by dry weight, while processed hemp and cannabidiol products must have no more than 0.3% total THC by weight OR 10 milligrams total THC per package

Imposes a 10% excise tax on retail sales of cannabidiol products beginning January 1, 2026, with revenue credited to the Property Tax Credit Cash Fund

Prohibits cultivation, possession, sale, and use of hemp products other than cannabidiol products, except for federally compliant hemp cultivated by USDA-licensed or state-program-licensed producers

Creates a consumer safe harbor period through December 31, 2025, protecting individual consumers from prosecution for possessing non-compliant hemp products and allowing the Attorney General to establish drop-off locations for disposal

Bans cannabinoids created through chemical conversion, modification, or synthesis (including hexahydrocannabinol) from being included in cannabidiol products, and reclassifies non-compliant hemp as marijuana under the Uniform Controlled Substances Act