How Biden’s Plans Will Affect the CBD Industry
CBD products are attracting increasing interest among consumers. However, manufacturers cannot respond to the market needs due to the lack of legal administration.
Joe Biden’s election gives the industry a chance to flourish as his plans to tackle climate change could have a huge impact on CBD production development. Experts believe that the interest in the climate issue will allow authorities to look at hemp – its ability to bind carbon from the atmosphere and remove toxins from the soil. Investments and official interest will increase the number of directions in research on the industrial use of hemp.
“2021 can be the year of hemp,” said Geoff Whaling, chairman of the National Hemp Association.
An outstanding issue is the FDA’s work, which has been changing the CBD policy since 2019. The agency strongly recommends the manufacturer’s use of cannabidiol only in the pharmaceutical area but has not issued precise prescriptions and guidelines.
Confusion over the rules for the benefit of CBD in the beauty industry and food and pet products raises many questions from manufacturers. It prevents them from fully presenting their product to the consumer market. Some believe the new Congress has the ability to bypass the FDA and authorize the consumption of certain CBD foods if such foods are labeled and meet safety standards, but such a bill has not yet been proposed.
On the eve of Biden’s election, the U.S. Department of Agriculture published the law that obliges growers to sample and test cannabis plants. The farmers dismissed this idea. Now the industry has a chance as the country’s the Department of Agriculture could be headed by Tom Vilsack, who was previously a proponent of cannabinoid experimentation.
Several years ago, the White House demanded the FDA to find methods to create proper CBD distribution standards all over the country. However, manufacturers are still experiencing both production and financial difficulties. The lack of legal regulation prevents farmers from making full use of the banking system.
Despite all the difficulties, manufacturers are not giving up. They hope that today’s political dynamics could lead to some significant changes in the hemp industry.