Will the CBD & Hemp Oil producers/retailers benefit from today’s FDA hearing?

How the FDA will end up regulating the industry and how long it will take remain uncertain. Those prospective regulations have become a fierce battleground. Meanwhile, the market is expanding at an alarming rate.

Laguna Beach, United States - June 10, 2019 /PressCable/ —

LAGUNA BEACH, CA – May 31, 2019 – The Food and Drug Administration is holding its first public hearing on CBD, the cannabis extract that has quickly grown into a billion-dollar industry. Today’s hearing will help officials determine how to regulate CBD products. The goal of the hearing is to gather information on a wide range of topics related to products containing these compounds. Dozens of interested parties are scheduled to speak, including doctors, consumers and members of the cannabis industry. Cannabidiol, or CBD, is a compound that can be extracted from marijuana or from hemp. It doesn’t get people high because it doesn’t contain THC, the psychoactive component of the cannabis plant.“Without the FDA’s guidance and leadership, individual states may carve out their own regulatory exceptions for CBD,” Joseph Reardon of the North Carolina Department of Agriculture and Consumer Services, said, noting that his state’s hemp industry has greatly expanded in recent years. “We urge the FDA to resolve the statutory issues and properly establish a legal pathway for CBD products to enter the market place.”

“The 2018 farm bill lifted longtime restrictions on hemp, meaning that hemp would no longer be regulated as a controlled substance. It’s our hope that today’s meeting will get the FDA moving on a regulatory framework that is fair to the little guys as well as the major pharmacy chains which have already moved to offering CBD related products to a select number of stores” said Bob Murphy, CEO and Founder of Laguna Canyon Organics.

“The opportunity to change lives using hemp oil is staggering. It is predicted that the hemp oil or CBD market will reach $22 billion in the next 3 years and $50 billion by 2026. Those numbers alone don’t mean much unless you put them up against the backdrop that this market did $217 million in 2017.” said Scott Worthington, VP of Systems and Marketing at Laguna Canyon Organics.

Contact Info:
Name: Bob Murphy
Email: Send Email
Organization: Laguna Canyon Organics
Address: 1278 Glenneyre Street Suite 93, Laguna Beach, CA 92651, United States
Phone: +1-800-674-3803
Website: https://lagunacanyonorganics.com/

Source: PressCable

Release ID: 519281