- Removed hemp’s low amounts of THC from the Controlled Substances Act;
- Allows the U.S. Department of Agriculture to regulate hemp crop like any other agricultural commodity;
- Allows hemp production in all 50 states for any use, including flower production and CBD or other cannabinoid extraction;
- Allows interstate commerce for hemp and hemp-derived CBD
U.S. sales of CBD-containing products are on the rise, and industry watchers expect a growing market in years to come. Epidiolex, an antiseizure drug made available in 2018, is the only prescription medication containing CBD. Sales figures beginning with 2018 are estimates.
U.S. CBD market growth and projections, 2014–2022
Source: New Frontier Data 2018, Hemp Business Journal
Sales of hemp-derived CBD products have largely been relegated to small or independent retail channels, such as e-commerce sites, cannabis and smoke accessory shops as well as natural wellness stores. They have also picked up traction in alternative health settings—acupuncture, massage and pain management clinics, for example. Hemp-derived CBD products fare less well in medical or adult-use marijuana dispensaries because of the competition there with cannabis-derived CBD and THC products. This landscape has kept the industry relatively small.
Let's see what 2019 will bring for us for this new exciting industry!!!
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