CBD - What We Know
Here is where you can find a wealth of information about CBD that you can incorporate into your own business messaging.
1937 - Congress enacts the “Marijuana Tax Act” as a first step toward taxing and regulating hemp and marijuana production.
1940 - Cannabidiol, better known as CBD, is discovered by Dr. Roger Adams and his team at the University of Illinois.
1963 - CBD’s structure is fully mapped.
1969 - The Marijuana Tax Act is ruled unconstitutional and soon afterward marijuana is criminalized.
1970 - “Controlled Substances Act” signed into law, placing cannabis in Schedule 1, along with LSD and heroin.
1971 - President Nixon declares a “War on Drugs,” calling drug abuse “public enemy number one.”
1973 - President Nixon creates the Drug Enforcement Administration (DEA) to crack down on smuggling and drug use.
1973 - Oregon leads a state movement to decriminalize cannabis. By 1977, eleven states have decriminalized possession of cannabis.
1986 - Congress passes the Anti-Drug Abuse Act, establishing mandatory minimum prison sentences for drug offenses.
1996 - California legalizes cannabis for medical purposes.
1998 - A British pharmaceutical group begins formal clinical trials of CBD.
2012 - Colorado and Washington become the first states to legalize recreational use of cannabis.
2018 - The Farm Bill is signed into law, making CBD derived from industrial hemp legal on a federal level.
Is there a market for CBD oil?
Estimates differ about the potential the CBD oil industry’s U.S. market has, for example, the Brightfield Group predicts the hemp-based CBD market will reach $22 billion by 2022, while another recent projection from New York-based investment bank Cowen & Co. puts the number at $16 Billion by 2025.
The passing of the Farm Bill in 2018 made hemp and hemp-derived products legal, but left the FDA to hammer out a framework for how CBD products can be legally produced and marketed. Entrepreneurs are not waiting for those rules and have jumped in to try to catch a piece of the expanding consumer demand for products containing CBD.
At the state level, an ever-changing patchwork of laws address marijuana and hemp, and just a few remain that have yet to allow some form of legal cannabis production or possession.
What are the FTC regulations for CBD?
The FTC regulates product advertising. Any health-related claims must be studied and proven. Companies advertising their products need sound science to support their statements.
Why did the FTC send out warning letters to CBD companies in September 2019?
According to the FTC website, “Each company has advertised that its CBD products treat or cure serious diseases and health conditions. One company’s website claims CBD “works like magic” to relieve “even the most agonizing pain” better than prescription opioid painkiller…..The letters also warn that selling CBD products without such substantiation could violate the FTC Act and may result in legal action that could result in an injunction and an order to return money to consumers.”
Has the FDA approved CBD oil?
The FDA has not yet declared CBD to be safe for consumers and does state that some side effects have been reported. The FDA has called for scientific testing that shows CBD does not have negative interactions with other approved drugs.
Will the FDA regulate CBD?
The Food and Drug Administration (FDA) is still determining how it will regulate the proper dosage, production, testing, labeling, distribution and marketing of CBD products.
However, the Drug Enforcement Agency (DEA) has removed CBD oil derived from hemp from its list of Schedule 1 drugs.
CLICK HERE for additional FDA information.