Although CBD has been legal since the 2018 farm bill legalized the cultivation and growth of industrial hemp and its derivatives, the young industry is largely unregulated. Hemp stakeholders have urged the federal government to craft comprehensive regulations for CBD as sales of CBD-infused products ramp up, but the responsible agencies have dragged their feet. As a result, the cannabidiol industry has attracted plenty of dishonest entities that have flooded the market with subpar CBD products which can even put consumers’ health at risk.
After years of back and forth, a bill that would remove the regulatory gray area for CBD-infused supplements and drinks has finally been unveiled. Introduced by bipartisan House lawmakers, the CBD Product Safety and Standardization Act would compel the U.S. Food and Drug Administration (“FDA”) to develop regulations for the lucrative CBD market.
The FDA will also have to hold a public comment period for information gathering on the maximum amount of cannabidiol that can be added to a beverage or food item per serving. The public comment period will also be instrumental in helping the FDA determine proper packaging and labeling requirements as well as the ‘conditions of intended use,’ which refers to what the label claims a product is to be used for.
The bill is sponsored by Representatives Kathleen Rice, Morgan Griffith, Dan Crenshaw and Angie Craig. According to a press release from Rice, CBD’s popularity has increased exponentially in the recent past, but the industry has been held back by the absence of federal regulations. The murky regulatory landscape puts customers at risk by providing minimal protections against subpar and often contaminated products and leaves businesses clamoring for some clarity. The new bill will create a comprehensive regulatory framework that will ensure unsafe products stay off the shelves and provide cannabis businesses with the stability they need to succeed, Rice says.
Griffith says that the FDA still hasn’t caught up with the reality that CBD is massively popular and isn’t going anywhere anytime soon. Like Rice, he says that the lack of regulation has put consumer health at significant risk and filled cannabis businesses with uncertainty. The CBD Product Safety and Standardization Act would fix these issues by compelling the FDA to act on CBD swiftly. As expected, the new bill has been met with support from the U.S. Hemp Roundtable and Consumer Brands Association. Jonathan Miller, general counsel for the roundtable praised certain aspects of the bill and said the hemp industry is thankful to its sponsors.
A law regulating the use of cannabidiol in drinks and supplements would be of great help to sector players such as BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) since it would be clear what rules everyone in the industry is playing by.
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