Can 2021 Be A Golden Year For The CBD Industry?

Can 2021 Be A Golden Year For The CBD Industry?

Is 2021 going to be a year of positive CBD policy changes? There is a buzz in the CBD industry, though we don't have any concrete proof. Newly elected president of USA Joe Biden's plans to tackle climate change can be a blessing in disguise for the CBD industry. Here's how 2021 could be the year of positive CBD policy changes.

Climate Change and CBD Industry
Joe Biden hasn't mentioned hemp in his plans, but hemp can play a crucial role in Biden's more energy-efficient America. It's not us saying this but the experts.

According to Geoff Whaling, chairman of the National Hemp Association, "2021 can be the year of hemp in the United States."

On the other hand, Texas cannabis attorney Lisa Pittman in an interview mailed to Hemp Industry Daily, claimed that the theoretical possibility of removing carbon dioxide from the atmosphere and toxins from the soil can now become a reality with the power of hemp.

Experts believe that hemp can maintain a clean environment, which is also beneficial for CBD's recognition throughout the country.

CBD Industry In Trump's Governance
Dozens of warning letters have been issued to CBD manufacturers by FDA in Donald Trump's regime. In December 2020, FDA had issued warning letters to five companies. FTC also took action against six retailers of CBD products for their unsupported claims about the compound's ability to treat cancer, heart disease, hypertension, Alzheimer's, and other health conditions.

In July 2020, FDA had submitted the "Cannabidiol Enforcement Policy and Draft Guidance for Industry" to the Office of Management and Budget ("OMB") for review. The Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act 2020 is still in the pipeline.

Though FDA's chief Dr. Stephen Hann has previously said that shutting down the CBD market would be a fool's game, yet because of the Trump Administration's warnings, OMB was hesitant to clear the CBD-related policies.

FDA's positive take on CBD Industry
The Food and Drug Administration has recently announced that soon it will be taking steps to carry out more research related to the safety and efficacy of CBD.

Recently, FDA's chief Stephen Hahn and Principal Deputy Commissioner Amy Abernethy said that they had witnessed the rapid increase in the demand and production of CBD products. They also mentioned that they are skeptical about CBD's health benefits because of the limited information related to the compound.