Deanie Elsner talks about her business and the future of the CBD industry
Food and Drug Administration Congress called to create a new regulatory framework for CBD products on Thursday, saying existing federal safety standards are not equipped to handle the booming industry.
CBD, or cannabidiolIt is a hemp-derived compound that is found in a variety of products, including lotions, tinctures, beverages, and even pet supplements. Because hemp contains less than 0.3% THC, the mind-altering substance in marijuana, the products do not cause a high.
FILE PHOTO: CBD oil on display at the Cannabis World Congress & Business Exposition (CWCBExpo) trade show in New York City, New York, US, May 30, 2019. (Reuters/Mike Segar/File Photo/Reuters Photo)
CBD proponents have touted it as a natural remedy for relieving pain, anxiety, and other ailments, but the Food and Drug Administration said there are still too many unknowns about products to regulate as food or supplements.
Officials said Thursday that CBD can be harmful to the liver, male reproductive system, and pregnant women.
“a New organizational path It will benefit consumers by providing safeguards and oversight to manage and reduce risks related to CBD products,” FDA Deputy Commissioner Dr. Janet Woodcock said in a statement.
“Some of the risk management tools could include clear labeling, contaminant prevention, CBD content limits, and measures, such as a minimum purchase age, to mitigate the risk of children ingesting.”
A mature CBD hemp plant in a greenhouse at the John C. (Reuters/Nick Oxford/Reuters Photo)
The CBD market was valued at $9.1 billion worldwide in 2021 and could reach $59.3 billion by 2030, according to a report released last year by Market Research Future.
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A lack of action by the FDA could suppress the industry in the long term and scare away vital investments in the industry, said Chase Terwilliger, CEO of Balanced Health Botanicals.
“We go five years without blaming the concerns for health effects And we need those investments to support research that shows the benefits and efficacy of CBD use — and help develop dosing guidelines based on those concerns,” Terwilliger told FOX Business Thursday.
“The bigger problem is that this 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 is on display at the Southern Hemp Show at Williamson County Agricultural Park in Franklin, Tennessee on Friday, Sept. 6, 2019. ( (Bill Clark/CQ Roll Call, Inc. via Getty Images/Getty Images)
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The FDA also rejected petitions from three advocacy groups on Thursday that asked the agency to allow CBD to be marketed as a dietary supplement.