Today, May 31st, is a rather important day for CBD enthusiasts alike. As we have discussed before, the market for CBD has been on an unstable ground for quite some time, as well as in other countries. Producers in the market have to risk losing hundreds of thousands of dollars for poor regulation and unclear laws.
Even though the Farm Bill had enacted hemp as a legal cash crop, CBD still remains in a gray area. The limitations of CBD is commonly known. The product cannot have more than .3% THC, but this is hard to enforce for governing agencies as there is no regulation. This means there is a legal ground in shutting down sellers and other businesses.
The Food and Drug Administration (FDA) is holding a hearing today in order to expand on their knowledge of the product. This is particularly great news as the SAFE banking act is also moving along nicely as well. Essentially, this bill will allow banking services to allow CBD processing, as this will be less punishing for legal markets.
The hearing will take on anecdotes as well as research data to support the product in itself. Well over 100 people have signed up for testifying, and this is a great step for the industry as a whole. The FDA hopes to understand more about CBD and what steps need to be taken in order to serve it in foods or drinks.
A decision won’t be made anytime soon, which isn’t surprising given all of the processes needed.
This step may even enforce a plan for regulation in the market, which could leave businesses with a fair practice, as well as a much safer market to buy from as a consumer. Unfortunately, a handful of CBD brands aren’t what they say they are, and could contain little to no helpful compounds.
CBD is a compound found in the hemp or marijuana plant, but is only legally sold (on the federal level) when derived from hemp. It’s been shown to help anxiety, insomnia, and even kidney disease. If you are wanting to try CBD, be sure to ask a physician about it, especially if you are on other medications.
Before you go…
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