Push for FDA Regulations on CBD
The sale of CBD (cannabidiol oil) products is being referred to as the “Next Gold Rush” even though it’s facing an uncertain future here in the United States due to a lack of FDA regulations in this rapidly growing marketplace. Currently, it’s estimated the annual sale of CBD oil derived mostly from hemp reached nearly $400 million in 2018 and is projected to grow to around $1.2 billion by the year 2020. Some of the products sold, include CBD oral drops and other types of hemp CBD consumables and topicals that may provide the relief you are looking for.
After the Farm Bill was signed into legislation making the growth of hemp plants legal on a Federal level, farming of this crop for the production of CBD oil products has exploded. But it’s almost a contradiction in terms since CBD doesn’t meet or have any FDA regulations attached to the sale of this substance. It’s a little bit oxymoronic when marijuana and its byproducts are still classified as an illegal “drug” or controlled substance by the Feds.
What About Lost Revenue?
It’s a little bit odd when you think about it because if the government did have a tighter rein on the sales of CBD, they would likely tax the living daylights out of it, similar to tobacco, and make a considerable amount of money in the process. Think about it this way, when the Feds recently increased the excise tax on tobacco crops by up to 50% in some cases, this resulted in the average price of cigarettes rising by roughly $1 per pack or around 8% overall.
Apply some math to this equation and when given a projected $1.8 billion in projected CBD sales, the government would rake in nearly $145 million annually. This doesn’t even account for the millions of dollars that individual states and/or counties should already be raking in by collecting sales tax on these products.
Politicians Behind a Potential Solution
Considering the lack of tax dollars being collected as we just mentioned, it should come as no big surprise there are a growing number of politicians behind the push for tighter regulations on the growth and future sales of CBD. In the case of Senator Richard Blumenthal (D-CT), during a recent press conference, he’s demanding the FDA design and implement regulations over safety concerns.
Meanwhile, Senate Minority Leader Chuck Schumer (D-NY) is also raising eyebrows on safety issues, but he’s pushing for FDA regulations that will monitor sales of CBD as reported during a similar press release. Schumer is also focused on ensuring his constituents will be protected and given the best possible venues for potential profits from the sales of this substance.
Canada Pushing for FDA Compliance
Our Canadian neighbors to the north are pushing to support FDA regulations on CBD sales here in the states, there’s at least a veiled perception in place it would benefit both of us in the long run. Since technically, marijuana and cannabis products are still illegal under Federal law, this prohibits companies in Canada from partnering from American businesses for better sales in the future.
Experts from the financial sector have recently reported about a trio of Canadian-based businesses that are destined to reap rewards from trading on the American stock market but aren’t active producers in the USA. Fortunately, at least one of these businesses has found a loophole in dodging this lack of guidelines. For example, Canadian-based Pivot Pharma (providers of many CBD products) have announced they will be partnering with an American cosmetic company to produce CBD products to increase their profit margins selling here in America.
Closing with Confidence?
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