The Hemp Industry Daily Conference and MJBizCon NEXT took place in New Orleans in June 2019. The conferences focused on the hemp and CBD industries, and also provided insight into the future of the CBD sector.
Insights into the Future of the CBD Industry
Here are a few of the insights from the industry so that users are aware of where the CBD industry could be going.
Potential to Mitigate Substance Abuse of Addictive Substances
There are studies on whether CBD can help treat opioid addiction. One study in the American Journal of Psychiatry found that “CBD’s potential to reduce cue-induced craving and anxiety provides a strong basis for further investigation of this phytocannabinoid as a treatment option for opioid use disorder.” Further, Kaiser Health News identifies several studies on how CBD can be effective in treating opiates addiction.
A researcher from one study, Yasmin Hurd, who is also the director of the Addiction Institute of Mount Sinai, stated,
“The intense craving is what drives the drug use. If we can have the medications that can dampen that [craving], that can greatly reduce the chance of relapse and overdose risk.”
Of course, more research and clinical trials are needed to determine CBD's potential to help with substance abuse.
Engagement by More Industries
Second, there may be engagement by more industries that become involved in CBD. As more industries become engaged, there may be a greater investment of capital in the development of hemp-derived CBD products, and the newly involved companies may also increase their lobbying efforts towards federal and government agencies.
Moreover, there may also be a change in the types of products available in brick and mortar shops and online, giving users more selection to choose from.
Better Testing and Labeling Practices
Third, the FDA has shown concern with the labeling practices that companies use in the CBD industry. Recently, it issued a warning letter and informed the public of its test results for cannabidiol-related products. The latest warning, the FDA stated that it “has tested the chemical content of cannabinoid compounds in some of the products, and many were found to not contain the level of CBD they claimed to contain. . . . Consumers should beware purchasing and using any such products.” With more brands appearing in the hemp-CBD industry though, the results could really vary – depending on how well brands adopt better labeling practices, or not.
Sales and Regulations Impacted by Hemp Laws
Fourth, it may be that the sales and regulations concerning hemp products will vary depending upon state laws for hemp-derived CBD. Each state has its own regulatory framework concerning CBD products, depending upon whether the products are legal or not.
Regulators Have Trouble Keeping Up
Finally, as the hemp-CBD industry continues to grow, regulators may have trouble keeping up. The good news is that as more brands enter the market, regulators may become more cognizant of the need to work for a better and stronger regulatory framework that will protect the current and new consumers in the market.
Overall, the growth of the CBD industry may be leading to some interesting potential developments.
All information is for general informational and educational purposes only. Nothing should be interpreted as legal or wellness advice.