Friday is going to be a crucial day for all companies dealing with CBD (Cannabidiol) products in the US. The Food and Drug Administration is all set to hold the first public hearing to hash out the regulations for the newly legalized cannabis products. However, the FDA is diabolical over allowing CBD to be used as an ingredient in food and beverages.
CBD To Be A New Market Worth Billions?
CBD is a non-psychoactive compound that helps relax the body without altering the mind like THC. CBD can be extracted from both the cannabis and hemp plant. There has been widespread confusion over its legality since the legalization of Hemp in December 2018. However, CBD did not gain a legal status then and was moved under the purview of the FDA. Due to the confusion, certain restaurants, take, for example, Carl’s Jr., already started using CBD in their food products. CVS Health Corporation – a major American retail pharmacy has also been selling sprays, lotions, and creams with CBD in its composition.
Outgoing FDA commissioner Scott Gottlieb has been collecting valuable information regarding the safety of CBD in food products to help the FDA’s regulatory oversight. The agency has been under pressure to move along with the problem at hand quickly. Many of the CBD companies have been pushing hard to and hit the market with full force.
One of the critical reasons behind this delay is the fear of loss of valuable clinical research of the medicinal drugs. The FDA has received claims that the drug could be helpful in treating diseases like cancer and Alzheimer. It might be a false claim, nevertheless, the FDA is unwilling to hamper the drug approval process. One possible solution to both the problems at hand would be to restrict CBD used in food and beverages to certain milligrams.
The legalization of hemp was supposed to bring in a surge in CBD infused consumer products. However, due to the regulatory stand around the compound, many major companies have been missing out its market. With certain definite regulations in place, the CBD market would be open to the public and could be worth $15 billion in the coming years. Once the rules are more specified, the companies would have enough authority to create stabilized CBD based products. It would also give American companies an advantage over other countries’ where only legalized dispensaries and licensed companies are allowed to deal in CBD.
It is quite important and would be sufficiently beneficial for the FDA to set proper laws into place.