Deanie Elsner on her business and the future of the CBD industry
The FDA on Thursday called on Congress to create a new regulatory framework for CBD products, saying current federal safety standards are not equipped for the burgeoning industry.
CBD, or cannabidiol, is a hemp-derived compound found in a variety of products, including lotions, tinctures, beverages, and even pet supplements. Since hemp contains less than 0.3% THC, the mind-altering substance in marijuana, the products do not induce a “high”.
FILE PHOTO: CBD oil is exhibited at The Cannabis World Congress & Business Exposition (CWCBExpo) trade show in New York City, New York, U.S. on May 30, 2019. (Portal/Mike Segar/File Photo / Portal Photos)
Proponents of CBD have touted it as a natural remedy for relieving pain, anxiety, and other ailments, but the FDA said there are still too many unknowns about the products to regulate them as a food or dietary supplement.
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CBD could be potentially harmful to the liver, male reproductive system and pregnant women, officials said Thursday.
“A new regulatory path would benefit consumers by providing protections and oversight to manage and minimize risks associated with CBD products,” said FDA Deputy Commissioner Dr. Janet Woodcock in a statement.
“Some risk management tools could include clear labels, avoidance of harmful substances, CBD content limits, and measures like minimum purchase ages to mitigate the risk of ingestion by children.”
A mature CBD hemp plant is seen inside a greenhouse at the John C. Pair Horticultural Center in Haysville, Kansas, U.S., October 29, 2019. (Portal/Nick Oxford / Portal Photos)
According to a report by Market Research Future last year, the global CBD market was valued at $9.1 billion in 2021 and could reach $59.3 billion by 2030.
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Chase Terdlinger, the CEO of Balanced Health Botanicals, said the FDA’s lack of action could stifle the industry in the long term and deter major investment in the industry.
“We’re going five years further with no health impact concerns being blamed for regulation, and we need these investments to support research showing the benefits and effectiveness of CBD use — and to help inform dosing guidelines across the board.” Developing a basis for those concerns,” Terdlinger told FOX Business on Thursday.
“The bigger problem is that this will also allow bad actors to continue to thrive – those giving CBD a bad name will go unregulated and challenge the industry.”
CBD Oil for Pets on display at the Southern Hemp Expo at the Williamson County Agricultural Exposition Park in Franklin, TN on Friday, September 6, 2019. ((Bill Clark/CQ-Roll Call, Inc via Getty Images / Getty Images)
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The FDA also on Thursday rejected petitions from three advocacy groups asking the agency to allow CBD to be marketed as a dietary supplement.