In this title the following words have the meanings indicated. “Fund” means the Hemp Farming Fund established under § 14–304 of this title. “Hemp” means the plant Cannabis sativa L. and any part of that plant, including all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a delta–9–tetrahydrocannabinol concentration that does not exceed 0.3% on a dry weight basis. “Hemp” does not include any plant or part of a plant intended for a use that is regulated under Title 13, Subtitle 33 of the Health – General Article. “Hemp product” means a product derived from hemp produced in accordance with Subtitle 3 of this title. “Independent testing laboratory” has the meaning stated in § 13–3301 of the Health – General Article. “Institution of higher education” has the meaning stated in the federal Higher Education Act of 1965.