AUSTIN (KXAN)-- The Texas House Public Health Committee heard testimony Wednesday on legislation that would restrict hemp-derived products, days after President Donald Trump said his administration is considering reclassifying marijuana at the federal level.

House Bill 5, which mirrors legislation previously vetoed by Gov. Greg Abbott, would ban all cannabinoids except CBD and CBG consumable hemp products while imposing steep new fees and criminal penalties on the industry.

"We're looking at reclassification, and we'll make a determination over, I'd say, the next few weeks," Trump said during a Monday press conference, referring to potentially moving marijuana from Schedule I to Schedule III under federal drug classifications.

Current federal law treats marijuana as a Schedule I control

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