The CBD craze that’s taking over the world is said to have outpaced science. Only a year old, CBD has grown to a sector worth billions of dollars, with experts predicting it will hit $20 billion by 2026. It started with the Farm Bill of 2018 which legalized Industrial hemp, allowing people to grow and sell hemp and its extracts, including CBD.
The legislation stated that only cannabis with less than 0.3% THC could be classified as hemp, but that was the extent of the Farm Bill’s stipulation. With barely any other regulations in place, the hemp and CBD industries quickly grew, filling up with thousands of unregulated products, each claiming certain medical benefits.
The craze hasn’t been confined to people only. A pet CBD industry grew quietly on the side, and currently, there’s a couple of firms selling pet treats infused with CBD. This is despite the fact that the FDA has outlawed this, stating that it is illegal to use cannabidiol as an additive in both human and pet or animal food.
The state of South Carolina seems to have taken the FDA’s directive to heart after the South Carolina Department of Agriculture (SCDA) said they will this year start cracking down on companies selling pet treats and animal foods containing hemp extracts.
The Agency stated that from January 3, it would start sending letters to companies with CBD-infused pet treats and foods on the market. They will be given time to reformulate their products and remove any and all hemp extracts before resubmitting a formal registration application to the agency.
According to the agency, failure to act within the set time frame “may result in further regulatory action.”
All commercial feed sold in the state has to be registered annually with the SCDA. Furthermore, the Center for Veterinary Medicine at the U.S. Food and Drug Administration (FDA) regulates animal feed ingredients, and all potential ingredients are subject to a formal scientific review by the FDA. Hemp and cannabidiol haven’t yet been reviewed or approved as animal feed ingredients by these authorities.
This isn’t the first time regulatory agencies have gone after companies selling products with hemp extracts, specifically CBD. Last June, the FDA sent warning letters to several companies telling them to cease advertising and selling CBD products as food additives and supplements.
Later in November, the FDA stated that due to a lack of scientific evidence supporting the safety of CBD in food, it couldn’t conclude that CBD is generally recognized as safe (GRAS).
Analysts believe that CBD companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) and Youngevity International Inc. (NASDAQ: YGYI) could be very frustrated that the federal authorities are taking too long to come up with definitive regulations for the CBD industry and this is causing sector players a lot of hardships.
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