January in general wasn’t the most, fun. But was it a good one for the industry? Absolutely! At Direct CBD Online, we’ll toast to that!
Let’s dive into the latest news in the industry January has brought us. The quick hits this time will touch on the latest in US legislation, news from Australia, and the projection of the market we can expect in the next few years.
There are two types of people this month; those who jumped on the Gamestop train in time to make a buck and the ones who missed it and might feel a bit bitter now. In both cases, we can keep talking about it or we can move forward.
According to MRFR, we can expect the global CBD market to register a huge CAGR of 125.58% during the forecast period and reach astronomical revenue of 2,207.16 million by 2026. It might be time for you to start researching those stocks!
This growth comes from new legislations, social media influencers endorsing more and more cannabis products and their advantages, and awareness campaigns from the industry participants.
CBD oil will now be available over the counter in Australian pharmacies. In the past, it had to be prescribed by a doctor and/or was subject to special approval. The oil will only be available for adults (18 in Australia), in doses equal to or below 150mg.
No CBD oil is cleared for distribution yet. Therefore we can expect that CBD oil will only be widely available in Australian pharmacies in 6 months or more. As a result, and since the announcement by the Therapeutic Goods Administration (TGA), manufacturers have been working at a lightning rate to get their products approved.
You might already know that CBD falls in a gap of the FDA’s analysis and regulatory pathways. This is why it’s fantastic news to hear that the administration is aware of the interest the public has in CBD and that it plans on developing and refining research projects to address the lack of current CBD data.
“We see significant promise in small, targeted projects that improve data methods in the near-term and point to future opportunities for collecting and analyzing data on CBD products and, potentially, other types of products in the future,” the agency stated.
While this may take some time, some brands such as cbdMD decided to take the lead on meeting high regulatory standards for quality and safety by hiring Sibyl Swift, a former U.S. Food and Drug Administration official as a consultant.
A bipartisan bill was introduced in the U.S. House of Representatives, that could push legal CBD through Congress. The bill, sponsored by Representative Kurt Schrader, a Democrat from Oregon, and Morgan Griffith, a Republican from Virginia. It also has 18 co-sponsors from both major parties.
If passed, the legislation could improve FDA regulatory pathway and ensure consumer safety while giving an economic boost to farmers and other actors of the industry. Plus, it could clear the supply chain bottleneck. Don’t hesitate to reach out to your representative to ask them to consider supporting the bill.
Looking for more CBD News?
As we expected, 2021 seems to be looking up! But if you find yourself wanting more, consider looking into our past Quick Hits articles right here on Direct CBD Online.