The U.S. Food and Drug Administration (FDA) recently announced it's expediting its moves to create a regulatory framework for CBD, the cannabinoid without intoxicating effects.
"This is an important national issue with public health impact, and an important topic for American hemp farmers and many other stakeholders," said Amy Abernathy, acting chief information officer with the FDA.
Congress in the 2018 Farm Bill legalized hemp-derived products like CBD for cultivation, sale, transport (even across state lines) and possession - as long as it contains no more than 0.3% of THC, among other provisions.
But some grey areas remain.
For one, the FDA can't allow companies to add CBD to food and beverage products as the substance is the primary ingredient in the only FDA-approved cannabis-derived drug, GW Pharmaceuticals PLC's (GWPH)Epidiolex, a treatment for severe childhood epilepsy. At least not without carrying out the proper research and testing first.
But the FDA is starting to feel the pressure from an industry and a public that's anxious to see these products roll out, in part, thanks to the belief they can relieve anxiety, and potentially help with insomnia, inflammation and pain management.
CBD consumers themselves are looking at CBD as part of the broader wellness movement. They have an average age of 40, have higher education, and are more likely than non-consumers to have a full-time job.
The FDA is so far tolerating companies like Amazon, Walgreens and CVS that are already selling topicals and oils with CBD, as long as no exaggerated health claims are made.
And it's a big market.
BDS Analytics and Arcview Market Research project that CBD sales in the U.S. will surpass $20 billion by 2024. And that figure starts to make a lot of sense when you see that CBD product sales have outpaced the overall sales growth of cannabis dispensaries since 2014.
Because of the wide variety of products in which CBD can appear - we're talking everything from skin creams to tinctures to dog treats - CBD could even one day surpass marijuana sales.
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Cheers
Don
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