When it comes to the interstate sale of hemp and other cannabis compounds used for food and beverages, the FDA is planning to apply what they call the potential regulatory pathways. This was after President Trump signed the 2018 Farm Bill, which aims to legalize the production and sale of hemp.
With the announcement of this news, companies belonging to the CBD industry are expected to significantly grow. For a start, the FDA is planning to conduct a public meeting in order to listen to the stakeholders regarding their challenges and experiences in dealing with the products most especially safety concerns. The agency is expected to conduct regular public meetings in order to gather additional input that is relevant to the lawful pathway in the marketing of products containing cannabis, including cannabis derivatives.
Not Standing By
In the meantime, manufacturers of foods and beverages are not standing by in introducing their hemp and CBD products to the market. Aside from being infused in beverages like tea, coffee, water, wine, and beer, the CBD is also added to different kinds of food products, such as salad, ice cream, milk, and cereal. Some of the most recent innovations have used CBD for sodas that are now being distributed in the states of Illinois, Nevada, Florida, and New York.
Understandably, big companies and food manufacturers are acting with utmost caution before marketing their CBD infused products. And as more and more players are getting their hands in the industry and several new products are gaining traction, this is going to change anytime soon.
The market for CBD and hemp-derived products is growing rapidly and several manufacturers and marketers are now taking their business on the national level. In fact, it has been reported that the sales on CBD in the US have jumped to almost 40% in 2017 and hit a whopping $367 million. The overall retail value of all hemp products in the US in the previous year was estimated to be at $820 million, including food.
The gains in the sale of CBD products are expected to continuously take the upward direction. In 2020, hemp-derived CBD products are projected to become a billion dollar industry according to experts. This is one of the reasons why the FDA is doing its best to make clear its regulatory oversight to all stakeholders. They assured the public that they are going to address this as soon as possible.
As an important note, congressional sessions are already underway and there are plans to legalize CBD-infused food and beverages all over the country. But this will only happen once the FDA revises the oversight and safety framework that is in place.
Companies who are interested in the legal CBD and hemp business, usually from Canada, where cannabis is legal, will most likely see the greatest growth and market gains from the new legislation and the support of FDA. These companies are Canopy Growth Inc., Aphria, MedMen Enterprise, and others.