City commissioners have voted in support of an ordinance that would allow the City of Delray Beach to temporarily suspend the denial or approval of permits and applications to businesses that want to sell CBD oil as their primary product. The ordinance is supposed to be merely a temporary restriction and would last till a year.
It would allow businesses to properly set their regulations along with other involved parties such as the FDA, the state government to set clear, precise and stringent rules for CBD based products.
The U.S. states have been kind of in a grey area with respect to CBD. Since the federal government has now legalized hemp derived cannabinoid with a maximum of 0.3% THC per unit, states are contemplating on whether or not if it was the safest and best decision to make.
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Cannabinoid, a compound derived from the hemp plant, a cannabis genus plant is known for its non-psychoactive and anti-inflammatory properties. Many users of CBD have found it to be effective in treating stress, anxiety, depression, insomnia, high blood pressure, chronic pain, swelling, inflammation and even in relaxing muscles.
Many people associate cannabinoid or CBD with mind altering chemicals that causes people to experience euphoria, which is quite wrong as the chemical that is responsible to produce the “high” when people smoke up weed is known as THC, tetra hydro cannabinoid. THC is another compound found in the plants of cannabis or marijuana which has psychoactive effects and causes hallucinations. THC is considered harmful for human consumption as it can lead to stress, anxiety, panic attacks and create other mental health issues if used for a prolonged period of time.
The federal government has allowed only 0.3% THC per unit, meaning if a CBD infused product contains any more than 0.3% THC per unit, it will be considered as illegal. Apart from these regulations set for CBD products, the U.S. Food and Drug Administration is also on its quest to create a regulatory framework for CBD based products.
As of now, the agency allows only one CBD based medicinal drug named Epidiolex, a drug used to treat two severe and rare forms of epilepsy. However, retailers and restaurants are selling CBD based edibles to consumers without worrying about the restrictions from the FDA, taking cover under the Farm bill 2018.
The agency has already warned 3 companies for marketing their CBD products as a cure to cancer and other severe ailments which is completely unethical and might be false as there are no solid confirmations from any recognised research or study which supports this claim.
The FDA set up a public meeting on May 31 to discuss about the regulatory framework, opinions and feedbacks about CBD. Many stakeholders, retailers, consumers and business leaders were seen taking active participation in the meeting. Though the meeting set some expectations, the FDA is yet to give out any final word. It is expected that the agency would formulate a regulatory framework within a year or so. Till then, the consumer market remains in sort of a grey space with confused retailers and consumers who want to seek the benefits of CBD.
From CBD infused beer, gummy bears, chocolates, pizza, burgers, tea and coffee to CBD based topicals, creams, ointments, oils and face masks, there is a gamut of products flourishing the U.S. markets with promising value of a relaxing and soothing experience. Many celebrities including Kim Kardashian West, Kristen Bell, Emma Roberts and Whitney Ports have shared their personal experience with CBD based products and confessed their love for it.
While some of them use CBD for its healing nature that relieves pain caused due to walking at events and long red carpets in heels, others take it for improving their mental health and maintaining a calm sense of mind. According to a report by Jefferies, beauty products infused with CBD or cannabinoid are expected to grab hold of 15% of the $167 billion skincare market in a decade.
The cannabidiol market is forecast to grow from USD 1.04 billion in 2018 to US 16.38 Billion by 2026, at a CAGR of 27%, during the forecast period. With the wide spectrum of therapeutic benefits, cannabinoid is one of the most trending ingredients in the U.S. The market is primarily driven by the surge in the usage of cannabinoid products by consumers in medical applications, skin care, beverages and food supplements.