Deanie Elsner talks about his business and the future of the CBD industry
The FDA called on Congress to create a new regulatory framework for CBD products on Thursday, saying current federal safety standards are ill-equipped to handle the burgeoning industry.
CBD, or cannabidiol, is a compound derived from hemp that is offered in a wide variety of products, including lotions, tinctures, beverages, and even supplements for pets. Since hemp contains less than 0.3% THC, the mind-altering substance found in marijuana, the products do not cause a «high».
FILE PHOTO: CBD oil is displayed at The Cannabis World Congress & Business Exposition (CWCBExpo) in New York City, New York, U.S. May 30, 2019. (Reuters/Mike Segar/File Photo/Reuters Photos)
CBD proponents have touted it as a natural remedy for pain, anxiety and other ailments, but the FDA said there are still too many unknowns about the products to regulate them as foods or supplements.
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CBD could potentially be harmful to the liver, male reproductive system and pregnant women, officials said Thursday.
“A new regulatory pathway would benefit consumers by providing safeguards and oversight to manage and minimize risks from CBD products,” FDA Deputy Commissioner Dr. Janet Woodcock said in a statement.
«Some risk management tools could include clear labels, contaminant prevention, CBD content limits and measures, such as minimum purchase age, to mitigate the risk of ingestion by children.»
A mature CBD hemp plant is seen in a greenhouse at the John C. Pair Horticultural Center in Haysville, Kansas, U.S., October 29, 2019. (Reuters/Nick Oxford/Reuters Pictures)
The CBD market was valued at $9.1 billion worldwide in 2021 and could reach $59.3 billion by 2030, according to a report published last year by Market Research Future.
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Chase Terwilliger, CEO of Balanced Health Botanicals, said FDA inaction could suppress the industry in the long run and scare away vital investments in the industry.
“We are going five years without any regulation being blamed on concerns about the health implications and we need these investments to support research that highlights the benefits and efficacy of using CBD – and helps develop dosing guidelines based on these concerns,” Terwilliger told FOX Business. Thursday.
“The bigger issue is that it will also allow bad actors to continue to thrive – those who make CBD a bad name go unregulated and cast doubt on the industry.”
CBD oil for pets on display at the Southern Hemp Expo at the Williamson County Agricultural Exposition Park in Franklin, TN on Friday, September 6, 2019. ( (Bill Clark/CQ-Roll Call, Inc via Getty Images/Getty Images)
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The FDA also on Thursday rejected petitions from three advocacy groups asking the agency to allow CBD to be marketed as a dietary supplement.