The Wild Wild West of CBD regulations, or lack thereof, continues with the recent news of the FDA punting any type of sweeping regulations to Congress. While regulatory limbo is nothing new to CBD companies, the recent deferment has only kicked the can down the road for businesses that want to be regulated.
So, what now? Josh Long, Associate Editorial Director of Natural Products Insider, and Dr. Dan Fabricant, President and CEO of the Natural Products Association, suggest businesses stay the course and turn this latest development into an opportunity. They explain:
How you can communicate this development to your customers.
Why local media should be talking about this and how you can communicate to reporters the impact on your brand.
Whether they expect the Farm Bill to be the key to unlocking the regulation CBD business have wanted for years.
You can listen to Josh and Dr. Fabricant's 30-minute conversation on the Move the Stairs™ podcast here. Or, check out our top three Move the Stairs™ takeaways below:
Move the Stairs Moment 1: The more things change, the more things stay the same
We all know the saying, "The more things change, the more things stay the same." Dr. Fabricant believes this to be true with the FDA's latest decision to defer to Congress on regulating CBD as well. So, when it comes to communicating the change with your customers, don't change a thing. Listen to this clip to learn why he believes no imminent changes will occur.
Move the Stairs Moment 2: Use this news to talk about what your CBD brand is doing to self-regulate and why
Many times, local reporters attempt to take national news and localize it. That happened on a couple of occasions with this piece of news but the majority of the coverage was brief and contained to industry trade publications. Josh says a topic like this is absolutely worthy of local news. Watch the video to learn how you can offer value to local reporters in your city.
Move the Stairs Moment 3: Will CBD finally get Federal regulatory oversight in 2023?
"I wouldn't bet my house on it," -Josh
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