Increasingly popular hemp extracts like CBD will be regulated under a bill approved at the end of the legislative session.

The measure, which lawmakers approved in the waning hours of the session, is meant to both regulate production and promote hemp extracts like cannabidiol, or CBD.

The extracts are sold in a variety of forms, including tinctures, capsules, salves, dietary supplements, beverages, and other products.

“While many hemp farmers have chosen to grow hemp for fiber and grain, many others are growing the type of hemp that produces extracts like CBD,” said Assemblywoman Donna Lupardo, the chairwoman of the Assembly Agriculture Committee. “Because of increasing consumer demand and interest from farmers, processors and manufacturers, specific guidelines are needed to guarantee the safety of the complete supply chain.”

The bill was approved after lawmakers declined to take up a broader bill to legalize marijuana in New York, which would have set up a taxation and retail system for cannabis products.

Instead, lawmakers approved the hemp legislation as well as a bill decriminalizing small amounts of marijuana which included provisions that expunge the records of marijuana related offenses.

The hemp bill in particular is seen as a potential boost for farmers in the state.

“Hemp cultivation offers a tremendous opportunity for our local and small farms in New York to diversify into this high-value crop,” said Senate Agriculture Committee Chairwoman Jen Metzger.

“This legislation provides a regulatory framework that will give our farmers and our nascent hemp industry the confidence they need to invest and take advantage of this enormous market opportunity, while also creating standards for CBD products that consumers can trust.”