FDA Working on Cannabis Product Regulations

On Thursday, President Trump signed the notorious “farm bill” into effect. The bill’s primary intention is to provide financial assistance to farmers and agricultural programs via a $867 billion budget spread out over the next five years. However, the bill had an additional effect in its fine print: it loosened federal restrictions on cannabis products. Thanks to this bill, hemp has been officially removed from the controlled substances list.

Now that hemp is legal, the rules need to change to allow circulation of cannabis products. As such, the FDA has announced that they are currently researching “pathways” to allow the regular, taxable sale of CBD oil, a chemical present in most cannabis-infused food and drink. Even though CBD is still technically prohibited in food and drink until the FDA drafts something official, the cannabis industry is becoming optimistic for the future. Canadian cannabis company Canopy Growth has announced their intent to enter the American market now that they have a clear avenue. Some banks may also begin brokering deals with burgeoning cannabis companies, a market they have long since steered clear of.

Several companies have already begun rolling out CBD-infused products, though the FDA has stressed that it will be keeping a very close eye on all of them, even after new legislation has been drafted. The FDA’s primary target of scrutiny is any products with claims of health benefits, particularly fighting cancer.

Written by  
5 years ago
Article Tags:
· · · ·