Sec. 27. (a) "Low THC hemp extract" means a substance or compound that:
(1) is derived from or contains any part of the plant Cannabis sativa L. that meets the definition of hemp under IC 15-15-13-6;
(2) contains not more than three-tenths percent (0.3%) total delta-9-tetrahydrocannabinol (THC), including precursors, by weight; and
(3) contains no other controlled substances.
(b) The term does not include:
(1) the harvested reproductive organ, whether immature or mature, of the female hemp plant; or
(2) smokable hemp.