Today, hundreds of people gather with the FDA to discuss cannabis within consumer products. Although CBD is a frequent topic of discussion, the hemp industry, along with other forms of cannabis, are also being debated. Valid points from all angles are being shared, though we have noticed three main emerging themes:
1. The Hemp Industry Is Growing Rapidly
“Kentucky farmers were paid $80 million for harvested hemp materials and hemp processes. [They] also spent $23 million in capital improvement. I believe the United States hemp industry is poised to take off. The hemp industry has shown it will work as it already has started to self-regulate to provide safe products and consumer confidence.”
—Jason Amatucci, Virginia Industrial Hemp Coalition
“The economic impact of Canada’s product is massive. The current market has hit over $10 million last year generating $1 billion in tax revenue for state governments and representing over 200,000 jobs in the United States.”
—Jon Vaught, Front Range Biosciences
“The demand for CBD products for both human and animal use is already staggering and growing rapidly. In fact, just last month, a Consumer Reports survey found that more than a quarter of Americans have tried CBD, but one out of seven of those people say they use it every day.”
—Peter Matz, Food Marketing Institute
“For dietary supplements alone, hemp-derived CBD sales were over $200 million in 2018 and are expected to grow to over $3 million by the end of 2019. Research suggests that the third of adults are users and half of all adults have used CBD at some point.”
—Megan Olsen, The Council for Responsible Nutrition
“Current research indicates around 7 percent of all adult Americans, or 22 million people, use CBD as a supplement. The current market is upwards of $200. This activity supports nearly 12,000 jobs.”
—Andrew Kline, National Cannabis Industry Association
2. Many Speakers Believe CBD Is Safe and Even Beneficial to Your Health
“One out of four people have tried CBD once in the last 24 months and have taken a product more than once. The majority of people believed CBD helped them in their cases. The No. 1 reason people use CBD is to reduce stress. 10 percent said they said to help with their sleep. Not surprisingly, millennials said that they use it to treat anxiety; boomers said they used it to help with joint pain.”
—Lisa Gill, Consumer Reports
“CBD is 400 time safer than caffeine and 200 times safer than aspirin.”
—Jon Vaught, Front Range Biosciences
“CBD Science has proven with the discovery of the endocannabinoid system that CBD is beneficial to humans and animals alike. The World Health Organization has deemed to be safe. Much credible research and anecdotal evidence has attested to CBD having positive effects.”
—Susan Cromer, LilyHemp
“CBD has protected many of my patients from the convocations of cancer chemo and radiation therapies. Many showed striking improvements in MRIs, retinal scans, PSAs and liver function tests…. There is no evidence of any recreational CBD use or any public-related health problems related with the use of pure CBD.”
—Philip Blair, Elixinol LLC
“There is a surprisingly strong body of information that supports the notion that the digestion of CBD enables the body, utilizing the cannabinoid receptor system, to better cope with information anxiety, sleeplessness.”
—Charles Jolly, Baker Donelson
“One recent review of 132 studies: not only is CBD safe, it is a powerful antioxidant that is more effective than vitamin C.”
—Andy Snyder, Manward Press
3. Speakers Urge the FDA to Find Solutions for This Nearly Erupting Volcano of an Industry
“The support we focus on regulation for these products to ensure public safety and provide opportunity for multiple segments of the industry to thrive”
—Jon Vaught, Front Range Biosciences
“Overregulation will simply drive consumers to the black market, costing our economy, based on projected revenue stream, many millions of dollars. The ending of prohibition of hemp with a 2018 Farm Bill was monumental for our country.”
—Susan Cromer, LilyHemp
“The FDA should clearly articulate with the various cannabis-derived and cannabis-related products, what may or may not be included in promotional labeling materials for these categories.”
—Ashley Morgan, American Veterinary Medical Association
“As consumer interest for food and beverage and personal care and household products containing cannabis and cannabis derivatives continues to grow, the necessity for a nationally uniform regulatory framework that protects bulk health is of critical importance.”
—Betsy Booren, Grocery Manufacturers Association
“Recently we formed a coalition of well over 100 CBD entrepreneurs, scientists, medical professionals and food and drug lawyers to provide comments to the FDA. We strongly recommend it, the FDA, act quickly to clarify the regulatory environment.”
—Andrew Kline, National Cannabis Industry Association
With many knowledgeable and experienced speakers in attendance, we look forward to what the second half brings.
Tune in for the live webcast or stay tuned for a full summary from us
