Uncertainty Clouds an Otherwise Exciting Budding Industry - Especially for CBD Companies
CBD Mania is sweeping the nation since the Farm Bill of 2018 was passed, legalizing the purchase and possession of CBD. CBD Products are for sale in Doctor's Offices, gyms, nutrition stores, and even at your local gas station. Believers swear by it. Opponents cast doubt on it. Non-users are curious about it. No matter where you stand on the issue, you can't help but watch how the federal government handles decriminalization, as this will likely be a precursor to how they'll manage the decriminalization of marijuana when (not if) that becomes reality.
Personally I'm watching the industry very intently. I'm an advocate of cannabis in general, especially its medical applications. I've hopped onto the CBD bandwagon and have been using it for 6 months now with great results. I can't image a day without my 50mg CBD capsules and my CBD oil syringe at this point, but it baffles me that while it's legal for me to buy CBD, it's illegal to actually sell it.
Our federal government has a tendency to contradict itself in its own policy enforcement, especially with cannabis. For years, authorities were still raiding cannabis farms even after the 2014 Farm Bill ok'd the cultivation of hemp for research purposes.
The 2018 Farm Bill is looking like it might result in the same nonsense. The DEA has stated that they have ended enforcement of hemp crack-downs, and that the FDA is handing enforcement since the legislation was enacted. Since the FDA has only approved 1 CBD product (the prescription drug Epidolex), technically anyone selling CBD is subject to enforcement.
At this point in time they've only sent out a few letters to a handful of CBD companies, but haven't taken any additional measures. Like most government organizations, they are short staffed and have bigger fish to fry. But that doesn't give sellers peace of mind, and they can't help but feel like they have a target on their back.
As the industry gains more and more steam, the FDA is being put in a tough position. If any incidents occur involving CBD products, they may be forced to crack down on sellers, which could change the entire landscape of the industry. Given that state regulations vary so greatly, product quality can vary greatly and too often products are mislabelled. We can only hope that the companies producing and selling CBD are putting their best foot forward.
I just hope they really stay out of it. Anything they get involved with tends to be in the best interest of our elected officials and not their constituents. Once they start meddling, it will make it difficult for smaller companies to get off the ground and they may effectively push them out of the industry if they slap a bunch of red tape on the production and sale of CBD. They did the same with the Vape industry because of Big Tobacco's lobbyists and special interest groups.
Only time will tell what will be for the industry and those trying to build businesses. Those top CBD brands may end up being the top marijuana brands once federal prohibition ends and the war on THC is over. Grab some popcorn, it should be interesting.