When it comes to bringing people the relief they need from life-debilitating illnesses, the cannabidiol (CBD) industry remains steadfast in making sure that the companies in the sector offer only the best products on the market.
For years, this market has faced so many challenges — federal approval, regulations, and acceptance from society itself, yet the benefits of this “miracle drug,” as people described it, seemed to outweigh any obstacle. CBD is making waves because of its medicinal properties, proven to control neuroinflammation, epilepsy and anxiety, among others.
In the U.S., CBD is derived from the variants of cannabis plants, hemp and marijuana. Between the two, hemp is the more acceptable source as marijuana has higher levels of delta-9 tetrahydrocannabinol (THC), which gives off that psychoactive effective. Additionally, hemp also has more CBD than THC.
There are many uses for CBD, but hemp is known to have almost 25,000 different uses, ranging from being used as ingredient for food supplements and beauty products, to being used for fabric. There’s a large market for CBD at the moment, and if analysis of the product remains true to its projections, then the CBD industry could grow to as much as $1 billion in sales by the year 2020.
Companies such as PotNetwork Holdings, Inc. (OTCMKTS:POTN) have been quite active in promoting products that contain cannabidiol. The said company has become one of the market leaders of lifestyle CBD products conceptualized by the company’s strong team of researchers, medical experts, and marketers.
Products like Chill Plus Gummies, Blue CBD Crystals Isolate, MediPets, and Relax are market favorites and are regular shelf items in over 10,000 retailers in the U.S. (both in physical stores and online). POTN is one of the companies that has contributed significantly to the acceptance of CBD in the market, thanks to its solid market presence.
A long way to go
But even with prominent brands like POTN, the fact remains that there will be continuous challenges ahead. CNN reported that for the first time, the U.S. Food and Drug Agency (FDA) approved a cannabis drug, Epidiolex, that treats Dravet syndrome and Lennox-Gastaut syndrome, two epileptic syndromes.
This approval should have been a win for the CBD industry, but some stakeholders believe that this could actually hinder the way towards full CBD legalization. For them, it could mean additional enforcement actions on companies that market the compound as supplements. Following the approval, the FDA has suddenly been more active in giving out warnings against unapproved CBD drugs.
According to the memo, the FDA has once more begun testing the chemical content of cannabinoid compounds in some products, and many were found to not contain the levels of CBD they claimed to contain.
“It is important to note that these products are not approved by FDA for the diagnosis, cure, mitigation, treatment, or prevention of any disease. Consumers should beware purchasing and using any such products,” the warning said.
Those in the hemp industry, however, remain positive that the approval will open new dialogues into finally regulating hemp according to use. Stuart Tomc, CV Sciences’ vice president of human nutrition, showed excitement over the FDA’s recognition of CBD’s medicinal benefits. CV Sciences is the national distributor of PlusCBD Oil.
“We think that this is the evidence, the proof, the data, that the phytocannabinoids in hemp do have profound benefit,” Tomc stated in an article on the FDA approval of Epidiolex. He also expressed that this could open a “more sober, adult conversation about which product, which market, which customer.”
There’s still a long before the industry can finally operate with full government support in the U.S. (although countries like Canada might just tip the scale in favor of the CBD industry), but the CBD sector remains hopeful that a stable future for the market won’t be too far ahead.