There is no doubt that cannabidiol (CBD), the non-psychoactive cannabinoid, is everywhere at the moment: in your toothpaste, hair products and even in your coffee. You can buy many CBD products in pharmacies across the country and the Transportation Security Administration (TSA) even changed its rules this week to allow pbadengers to bring some CBD oil on the planes.
However, it is not only popular or modern, but also lucrative. According to Brightfield Group's annual report on the cannabis industry, the CBD market had a value of $ 591 million in 2018. It is expected to reach $ 1.2 billion in 2019. (In 2017, the CBD market was only $ 367 million, a $ 224 million increase was recorded in just one year.)
This growth is not so surprising in 2019, since the United States Agricultural Improvement Act of 2018 (also known as the Agriculture Act of 2018) legalized industrial hemp. Since then, the CBD is certainly having an impact on the economy, as well as on the cannabis industry.
This week, the Food and Drug Administration (FDA) organized a public forum to obtain information on regulation and expanded federal access. With speakers from different facets of the CBD industry, the FDA is seeking "scientific data and information on safety, manufacturing, product quality, marketing, labeling and selling products that contain cannabis or cannabis-derived compounds."
Now that hemp and its constituents, including the CBD, are legally federal, it is time for the FDA to decide on marketing guidelines and standards. In our opinion, the FDA should consider CBD as a dietary supplement, similar to vitamin C, because it supports an important system of self-regulation in the human body, the endocannabinoid system (ECS). This is key to the regulation of body temperature, pain and inflammation.
Public demand will prompt Congress to act outside the jurisdiction of the FDA if action is not taken soon. The FDA oversees dietary supplements through the Federal Food, Drug and Cosmetic Act (FD & C Act), however, states commit to creating a pathway for the regulation of CBD as a dietary supplement and food ingredient.
For example, California has already pushed Bill AB 228 through the California Assembly Health Committee, which allows the CBD to be sold as a dietary supplement and food ingredient.
Educating the public about the benefits of the CBD and the quality of the product, the authentic Botanical CBD seems that it can only improve this booming industry and direct the conversation in the direction of vitamin C, instead of some kind of "moons liquor" Saturated market with limited science and no quality guarantee.
Dr. Stuart Titus, CEO and President of Medical Marijuana Inc. is a 10-year veteran in the cannabis industry. Titus helped the company expand exponentially over the last decade, becoming the first CDB company derived from hemp in the United States to sell legally through state lines and international borders. The company is also the first to legally import its CBD products in countries such as Mexico, Brazil, Paraguay and Argentina.
John W. Huemoeller II, CEO of AXIM Biotechnologies has more than 35 years of experience in investment banking, finance, sales and marketing. Beginning his career as an investment adviser in 1982, Huemoeller has registered with several state insurance boards and the Chicago Board of Trade as a commodities broker. He has extensive experience in stocks, bonds, commodities, mergers and acquisitions, leveraged purchases and private placement transactions.