TAMPA, FL – September 17, 2019 – Attorney Richard M. Blau, shareholder and chair of GrayRobinson’s alcohol beverage law, food law, and cannabis industry law practice groups, published the article “CBD Marketplace: How Should We Navigate It?” in Food Safety Tech. In the article, Mr. Blau provides insight on the emerging CBD industry and the evolution of cannabis as a legal consumer product.
Thirty-three states and the District of Columbia have legalized medical cannabis products, and 11 states plus D.C. have legalized cannabis for recreational use by adults. Affecting industries as diverse as cosmetics, food and beverage and pharmaceuticals, the exponentially expanding CBD market has generated analyses forecasting that the collective market for CBD sales in the United States will surpass $15–20 billion by 2025, according to the firms BDS Analytics, Arcview Market Research and Cowen & Co.
Blau details how cannabis has become integrated into mainstream society while also explaining that state and local government officials question the legality of CBD products. The CBD chemical can be found in both hemp and marijuana; however, the difference is the amount of THC found in the plants.
According to the Agricultural Improvement Act of 2018 (also known as the 2018 Farm Bill Act), industrialized hemp and hemp-derived CBD was removed from the Controlled Substances Act which thereby legalized the production of hemp. In doing so, entrepreneurs have started to produce hemp CBD oil products without regulations from scientists which has led to the booming industry.
Read the full article here.