Exempt, and not therefore safe
On this page11
How the exemption works
Ammunition is defined to include "smokeless propellants designed for use in small arms". And small arms ammunition and its components are exempt from the federal explosives regulations.
So propellant is exempt by being ammunition
Which is a definitional route rather than a judgment about the material. The propellant did not become less energetic by being named in a definition.
Black powder is treated differently
Commercially manufactured black powder is exempt in quantities not exceeding 50 pounds. A ceiling, which tells you the drafters were thinking about quantity for that material.
Smokeless gets no federal number here
Which is not permission for any quantity. It means this section is not where the limit lives, and the limits that bind in practice are fire code.
Which this property does not reproduce
NFPA 495 and state and local fire codes set storage quantities, they vary by jurisdiction, and a figure printed on a container page would be wrong somewhere and relied on.
The exemption is the thing most often misread
Because "not regulated as an explosive" gets heard as "not dangerous", and the two sentences have nothing to do with each other.
The same pattern appears elsewhere in this library
The pet and veterinary property finds a gap in the child resistant packaging list and says the same thing: a gap in a rule is not a gap in the hazard.
So the control is the container
And the container is the one it came in. The next page sets out the reason the industry gives, and why this property states it as their reason rather than as our finding.
Keep the label on it
Which is a storage point and an identification one. Powders are not interchangeable, loads are developed for a specific one, and an unlabelled container of powder is unusable.
That is the whole of our advice on this leaf
Original container, original label, do not decant, and read the fire code that applies where you are.