A Look At The CBD Industry One Year Later
Minnetonka, MN – December 11, 2019—The 2018 Farm Bill, signed into law on December 20, 2018, made CBD (cannabidiol) containing less than 0.3% THC federally legal. One year later there have been significant changes in the industry including 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
The CBD industry has been described alternatively as the next gold rush and the Wild West, but one thing is certain: consumers embraced CBD in 2019. According to Hemp Industry Daily, retail purchases of CBD are expected to top $1 billion in 2019.
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.
Retail Support
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, DSW 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 CBD athletic wear.
All this innovation has led to questions about the effectiveness of the various product types. Vaping is one of the most effective forms of CBD, but 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 sublingually (under the tongue), more of the CBD bypasses the digestive system, offering greater bio-availability.”
CANVIVA is providing important innovation in the CBD marketplace by offering several CBD tinctures that are enhanced 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.” Zimmerman added.
Clear Guidelines Needed from FDA
Despite burgeoning demand for CBD products, the FDA has struggled 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.
FDA has approved one cannabis-derived and three cannabis-related drug products. These approved products are only available with a prescription from a licensed healthcare provider. While CBD is legal, the FDA has not approved CBD for use in food or beverages, and it cannot 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,” Zimmerman stated, “In the meantime CANVIVA is exceeding industry-established standards by offering products made with PURE CERTIFIED CBD™ Oil, that meets seven standards of product quality and safety.”
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About CANVIVA™: CANVIVA offers superior quality PURE CERTIFIED CBD™ Oil products including tinctures, topical products, and a pet tincture. CANVIVA is the trusted, go-to CBD brand for inspiration and education. From soil to certification, CANVIVA products are made with phytocannabinoid rich, full-spectrum cannabinoid (CBD) oil from hemp that is organically grown in the U.S. and formulated to support a variety of health concerns. www.CANVIVA.com
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