Hemp and CBD companies seek validation with university-based research. The industry has countless of testimonials and anecdotal evidence to support its revolutionary benefits but has been criticized for not having enough scientifically-based evidence. Companies are starting to invest in clinical research trials to provide consumers with the evidence they are asking for. This research is allowing CBD companies to partner with universities due to the new legal status of hemp. CEO of Medterra CBD is sponsoring research at Baylor College of Medicine in Houston and stated that bringing research to the industry will quantify what we all know to be true. For CBD to be used in medical treatments and with vulnerable groups the research is necessary for advancement.
Companies also believe that no matter the findings, the research makes sense for business. In order to bring CBD from a niche market to mainstream, the partnerships are not only obvious but crucial. Universities are now willing to take on the research as CBD with less than 0.03% THC is legal. Chicago-based market research firm, the Brightfield Group, determined that at least 38 universities are currently leading or participating in clinical CBD trials. In its 2019 CBD Market Report, it found that there are more universities sponsoring trials than private pharmaceutical companies. The research is highly beneficial for academic institutions who couldn’t previously accept the funding. The 2018 Farm Bill legalizing hemp at the federal level is what paved the way.
There is equal interest from both universities and CBD companies and the results are sure to be telling. It may take years to determine conclusive results, but it is worth the wait as the results could lead to a greater acceptance of hemp and CBD products. It could be hugely lucrative for the industry and life changing for those who could benefit and find relief from the products.