The hemp industry has been through a rollercoaster of legislation over the past few years. First, the 2018 Farm Bill made the cultivation of industrial hemp legal, and by extension, making the marketing and sale of hemp-derived CBD legal. This was followed by the USDA’s interim rule on hemp in October 2019 which provided a regulatory framework for the rapidly growing sector.
However, one issue that still plagues the industry is the lack of regulation for CBD products. For long, major players in the industry and other interested parties have decried the lack of control for CBD products, stating that lack of regulation creates risks for the consumers and makes it difficult for cannabidiol companies to operate.
The campaign received a significant boost after the New Jersey State Senate’s Human Health Services and Senior Citizens Committee passed a resolution filed by Senator Bob Singer urging the President and Congress to establish a safe daily level of CBD consumption.
“Cannabidiol is being touted as a wonder supplement that can help alleviate insomnia, chronic pain, anxiety, and even seizures. That being said, how much CBD oil is too much?” he asks. “I urge the President and the U.S. Congress to create clear guidelines for the safety and wellbeing of residents in New Jersey and across the country.”
According to the resolution, despite the U.S. Food and Drug Administration (FDA) stating that any food additives or dietary supplements that contain cannabidiol are illegal under federal law, there are over 1,500 CBD-infused products on the market and the FDA is yet to formulate a clear approach to regulate the products and ensure consumer safety.
“The lack of a clear policy from the FDA and the patchwork regulation of the substance by the states creates a complex legal framework for companies that sell cannabidiol products for their operations. As a result, interstate commerce for national cannabidiol companies is difficult because banks, insurance companies, and other merchant companies are uneasy about providing services to CBD companies for fear of attracting the wrath of the FDA.
Therefore, the President and Congress should establish a safe daily level of consumption of cannabidiol because it would allow individuals to experience the medical benefits of cannabidiol products and generate economic activity by encouraging interstate commerce for cannabidiol companies.
The National Products Association (NPA) worked with lawmakers in New Jersey to pass the resolution, and according to President and CEO Daniel Fabricant, it will keep on working with the U.S. Congress to pass legislation to set a safe level of consumption for CBD. “Setting a safe level of consumption for CBD products is the best way to move forward with this promising new cannabinoid while protecting consumers,” he says.
Industry watchers assert that CBD companies like LiveWire Ergogenics Inc. (OTC: LVVV) and HTC Extraction Systems (TSX.V: HTC) may only celebrate this NJ bill once the powers that be on Capitol Hill act upon the request made.
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