Gray-Market

Gray-market describes cannabinoid products that exist in legal ambiguity — typically where federal law allows but state law is silent or unclear. Hemp-derived THCA in restricted states often operates in this zone. Gray-market is distinct from black market (illegal) and white market (regulated and licensed).

Example: California's hemp THCA market is largely gray-market under AB 45.

Etymology: Economics/policy term applied to cannabis post-2018.