The CBD industry is growing at a rapid rate. As legalization continues, new policies are positively shaping the blossoming market, which is promising a bright future for established and new cannabinoid companies. Consumer demand has resulted in a large increase in legitimate and credible CBD brands such as YIPS and CBD of Washington which has instilled trust to those new to trying out products that serve as a substitute for pain relief and anti-inflammatory medications.
According to nasdaq.com, in 2014 prior to the bustling CBD industry we have today, Congress initiated an experimental program that allowed Hemp to be legally grown in the U.S. for the first time since 1937, provided it was attached to a university. Fourteen states ended up participating in the program. Although the experiment came with a plethora of restrictions, it was a monumental step for the hemp industry.
Fast forward seven years and now the hemp industry has been patiently waiting for the United States Food and Drug Administration to release the Cannabidoil Enforcement Enforcement Policy Draft Guidance. The draft was sent to the White House Office of Management and Budget last July but out of all drafts currently sent for review, the CBD draft has been under review the longest.
According to hempindustrydaily.com, the industry is cautiously optimistic that FDA’s next CBD sampling report (also expected this year) will show that leading products sold in chain retail outlets are labeled appropriately and accurately; the results contained in the last report to Congress were not representative of the industry, in that FDA tested only products sold online that made disease claims.
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