CHICAGO (WLS) -- City and state leaders remain deeply divided over how to regulate the hemp industry.

Thursday, there will be a hearing at City Hall as some aldermen push for the city to regulate and tax hemp on its own.

Sixth Ward Alderman William Hall is leading that effort and will make his pitch Thursday.

He says regulating hemp will bring in tax dollars by pushing to tax hemp products at 15% - instead of the 3% rate the city imposes on cannabis.

The two products come from the same plant, but hemp has very little THC.

This comes as a state effort to ban hemp products failed to pass down in Springfield.

Mayor Brandon Johnson tasked city departments to come up with a regulatory framework.

Alderman Hall will present that plan Thursday. The meeting begins at 12:30 p.m.

A counter press conference is also scheduled before the hearing by City Council members who want to ban hemp products over concerns on the dangerous impact on children.