After joining the U.S market and acquiring the required regulatory licenses to operate in the country’s consumer market, Canopy Growth Corp has launched its first CBD brand named “First & Free.” The new hemp-extracted CBD brand will be available in 31 states that have legalized the sale of CBD products.
Canopy Growth’s product brand will be offering topical, oil drops, and softgel cream products according to the firm’s official website. The Ontario-based company enters the United States market just a month after the FDA published a consumer report stating that it cannot attest to the safety of CBD products in human and pet feed products.
“The data on CBD products is limited and points out that they risk the health of both humans and animals, and such risks have to be considered before consuming CBD. Most of the products in the market are of unknown quality and claiming unproven medical benefits,” the FDA wrote on their website.
To address the concerns of the FDA, the new First & Free website has stated that the FDA has not evaluated the products and that they are not intended to prevent, cure, diagnose or treat any disease.
According to a financial statement released last month, the company is planning to launch CBD merchandise in vapes, edibles, cosmetics, beverages, and skincare products in the U.S market.
The retail sales in the CBD market are likely to reach $3.5 billion by the end of 2020, according to Owen Bennett, an analyst at Jefferies LLC. Bennett believes that after the FDA has approved CBD-infused drugs, there will be easy access to the U.S market for CBD products.
However, the industry likely to witness heavy regulation due to the safety risks and the spiked consumer interest. If this happens, companies would have to back their CBD product launches with comprehensive reports, including medical studies.
The company’s CBD brand First & Free products have been thoroughly lab tested using advanced technologies to address health concerns raised by the FDA. The company also claims to have conducted eleven therapeutic trials, filed forty provisional patents, and has over nine hundred patients.