Market research firm BDSA expects legal cannabis sales in the US to surpass $30 billion in 2022, up from about $24 billion (US$) last year. By 2026 it could be US$ 50 billion. The euphoric forecasts are related, among other things, to the tremendous public support for the legalization of the drug—at least at the state level, where additional tax revenues and savings in law enforcement and the judiciary are tempting.
But with CBD, we are looking at a pretty different situation as CDB is now legal in the US, and you can presently legally buy CBD hash, CBD flowers, and other CBD oils online.
CBD and cannabis are becoming increasingly popular
The growing acceptance among older demographics and the popularity of hemp-based beverages are also driving the market. According to a November 2021 Gallup poll, a good two-thirds of the US population supports legalizing marijuana. And 60 percent of US adults surveyed by the Pew Research Center in April 2021 believe cannabis should be legal for both medical and recreational use. In the autumn, the shipping giant Amazon announced that it would lobby for the nationwide legalization of cannabis.
CDB and hemp legalization in the US
- 1970: The production and sale of hemp are prohibited by federal law in the context of the “war on drugs.”
- December 2018: Signed by Donald Trump, the “Farm Bill” legalizes hemp and the CBD derived from it, provided that the plant does not contain more than 0.3% THC. CBD from cannabis plants remains illegal.
- November 2019: The Food and Drug Administration sends a new series of warning letters to fifteen companies that market their CBD products as a dietary supplement, which is prohibited and reiterates its reservations about cannabidiol products. She asks companies to explain their practices and threatens them with legal action.
The laws are evolving, but CBD remains legal in the US.
There is always news from various institutions in the USA regarding cannabis and CBD. For example, while the FDA (Food and Drug Administration) announced in June after months of surveys of experts and the public that they still had doubts about the safety of cannabidiol, certain states in the USA now even have THC-rich cannabis for recreational use legalized.
The DEA (Drug Enforcement Administration) has now commented on the subject and left many manufacturers and consumers with a thoroughly positive feeling.
The statement made by the DEA on Monday was actually about the approval of institutions and companies to be allowed to conduct research with cannabis. But unfortunately, only the University of Mississippi was allowed to conduct research in this area in the USA.
Although more and more places have recently applied for a corresponding license, no decisions have been made in this regard for a long time. However, under pressure from some judges, the decision-making process has now been accelerated. As a result, 33 of the numerous applicants will also be allowed to conduct research with cannabis in the future. During this announcement, the DEA also commented on CBD and once again clarified that CBD is legal in the USA and companies for the cultivation and processing of corresponding cannabis strains do not require DEA approval. The only requirement for this is a THC content of less than 0.3%.
The fact that the cultivation of such plants is permitted was already decided in the Agriculture Improvement Act of 2018. The DEA statement again underscores the legality of cannabinoids in the United States. Many manufacturers and consumers are happy about this and feel relieved. However, promises of healing are not permitted in the USA or the EU and should not take place.
The FDA is currently deciding to what extent CBD is permissible as a dietary supplement or an ingredient in the food. However, it will still be quite a while before a final decision is made.
However, according to experts, here, too, approval is only a matter of time. Either way, it is also very positive that cannabis will come from different sources in the future for research purposes. Incidentally, US Attorney General William Barr also commented on the subject and stated:
“I am pleased that the FDA is expediting the approval process for applicants wishing to grow marijuana for scientific purposes.”
CBD in the US: be careful of unscrupulous brands
But the product boom has come with its share of unscrupulous brands lying about CBD content or its supposed benefits. “I did a lot of research before making my first purchases. There are so many misleading advertisements,” slips Emma Standing, a 24-year-old New Yorker fan of CBD oil drops for herself and her dog, rescued from the streets.
For CBD pioneers, returns on investment are not always there, as evidenced by Steven Phan, one of the founders of Come Back Daily, a company that owns three CBD stores in New York.
“CBD is not entirely mainstream. A lot of education still needs to be done. Some hemp growers also pout. In Kentucky, a rural state whose very conservative Senator Mitch McConnell supported the legalization of hemp to help struggling farmers and create jobs, production is struggling to be sold. “It’s a sector where there is a lot of volatility.
Some processing units (responsible for the extraction of CBD, editor’s note)went bankrupt because they could not cope with the increase in production. So farmers are now wondering if it was worth it,” says Shawn Lucas, professor of organic agriculture at Kentucky State University.
So, with all the information in hand, you can now make your online CBD purchase at the bests CBD online stores.
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