Farm Bill Anniversary
The 2018 Farm Bill, signed into law on December 20, 2018, made CBD (cannabidiol) containing less than 0.3% THC federally legal. Significant changes to the CBD industry, one year later, include record sales, hundreds of new CBD brands and product innovations, and a slow response by the U.S. Food and Drug Administration (FDA).
Consumer Demand On The Rise.
Described as the next Gold Rush or the Wild West alternatively, one thing is certain consumers are embracing CBD. In fact, retail purchases of CBD are expected to top $1 billion in 2019, according to Hemp Industry Daily.
In April, a Consumer Reports survey found more than one-quarter of Americans had tried CBD, and one in seven of those people said they used it every day. In the article CBD Goes Mainstream, Consumer Reports went on to say that people of all ages were using CBD and that, “Most of those who tried CBD reported that it was effective, especially among those who used it for anxiety. In some cases, they said CBD allowed them to eliminate over-the-counter or prescription drugs, including opioids.”
Consumer demand for CBD is creating huge growth potential over the next few years. Arcview Market Research and BDS Analytics expect CBD sales to surpass $20 billion by 2024.
Retailers are rushing in to meet the demand. “Mainstream retail outlets now stocking their shelves with CBD-infused products include grocery stores, apparel retailers and health and beauty outlets,” claims Hemp Industry Daily.
Major national retailers selling CBD products or preparing to sell them include Walgreens, CVS, Kroger, Sephora, Urban Outfitters, 7-Eleven, Swanson Vitamins, and Thrive Market.
Most retailers are offering topical CBD products such as lotions, creams, and gels, though some are offering ingestible forms including CBD tinctures (drops), gummies, capsules, and other products.
Manufacturers and Product Innovation.
Tinctures, capsules and topical products are some of the most popular forms of CBD, but product innovations abound. Some of the more unusual products include a CBD burger offered by Carl’s Jr. and a CBD athletic wear.
All this innovation leads to questions about the effectiveness of the various product types. Vaping is one of the most effective forms of CBD. That said, there are legitimate concerns about the safety and long-term health consequences of vaping.
“CBD tinctures are the most effective form of CBD for those who do not want vape products,” claims Jim Zimmerman, CANVIVA Co-Founder, and President, “When taken under the tongue, more of the CBD bypasses the digestive system. Therefore tinctures offer greater bioavailability.”
Providing meaningful innovation in the CBD marketplace, CANVIVA offers several CBD tinctures made with essential oils. “Terpenes are elements that contribute to the entourage effect offered by full-spectrum CBD. CANVIVA adds pure, natural essential oils, boosting the beneficial terpenes, and enhancing the effect of the CBD,” adds Zimmerman.
FDA’s Position On CBD.
Despite growing demand for CBD products, the FDA struggles to keep up with the need for clarity around regulations.
“In line with our mission to protect the public, foster innovation, and promote consumer confidence, this overarching approach regarding CBD is the same as the FDA would take for any other substance that we regulate,” explained FDA Principal Deputy Commissioner Amy Abernethy.
To date, FDA has approved one cannabis-derived and three cannabis-related drug products. However, these products are only available with a prescription from a licensed healthcare provider. Furthermore, CBD is not approved by the FDA for use in food or beverages, nor can it be sold as a dietary supplement.
“We’re looking forward to clear FDA guidelines for CBD. This will help consumers and eliminate issues from less-reputable CBD manufacturers,” says Zimmerman. “In the meantime, CANVIVA is meeting and exceeding industry-established standards by offering products made with PURE CERTIFIED™ CBD Oil that meets seven standards of product quality and safety.”