**Federal action on hemp-derived THC beverages remains the dominant driver of trader views.** A November 2025 spending law rewrote the hemp definition, imposing a 0.4 mg total THC limit per container effective November 12, 2026 (delayed to December 11 in a Senate-passed funding measure). This threshold would render standard 5 mg seltzers non-compliant under federal rules. Congress has not yet enacted the August 2026 bipartisan Beverage Regulatory Parity Act, which would instead permit up to 5 mg per serving for adults 21+, impose alcohol-style permitting, taxation, and distribution rules, and require U.S.-grown inputs. As of mid-October 2026, hemp THC drinks continue to sell in permitted channels across roughly 19 states, with sales accelerating ahead of the deadline. Key near-term catalysts include House consideration of the delay provision when lawmakers return and any committee movement on the Parity Act before the effective dates. State-level restrictions and enforcement add further variability to nationwide availability.