CBD is in the news again, and this time, another group of senators has called out the FDA on its very sluggish pace regarding regulations for the CBD industry. At a press conference on Tuesday, Senator Richard Blumenthal urged the FDA to issue guidance so that CBD merchants can market their products lawfully.
He is part of a group of six senators who sent the FDA a letter urging them to speed up the process as it will help free up the industry and protect consumers.
Hemp, from where CBD is extracted, was legalized when the Farm Bill was passed in 2018. Sellers were quick to flood the market with various CBD products, but the FDA has been slow in drawing up regulations for the multi-million dollar industry.
According to Senator Blumenthal, this has resulted in a market filled with a mix of good and bad actors. The industry desperately needs a regulatory framework that will help get rid of the bad actors and purge it of unsubstantiated and inaccurate health claims. The goal, the senator stated, is to create a level playing field where truth and accuracy are valued and rewarded by consumers and the regulatory framework.
Plenty of anecdotal evidence has found CBD to be effective against pain, anxiety, inflammation, and a host of other diseases. The senator states that while consumers deserve the benefits of these treatments, they are owed complete and accurate information on the products they purchase. He adds that this can only happen if a regulatory framework that sets rules for classification, labeling, marketing, quality, and other essential features is set up.
The CBD issue has garnered plenty of support in the Senate. Alongside Senator Blumenthal, Senators Patrick Leahy, Jon Tester, Tammy Duckworth, Chuck Schumer, and Kirsten Gillbrand signed the letter to the FDA. Senate Majority Leader Mitch McConnell has been a champion for the hemp industry.
Although Congress intended for the FDA to regulate CBD under agriculture legislation, FDA officials have stated that developing rules for CBD is complicated because it already exists as an FDA approved drug. Earlier this year, former FDA Commissioner Scott Gottlieb said the agency would have to create an alternative regulatory framework for CBD to be marketed as a food item or dietary supplement, and this might take years without any congressional action.
A bipartisan coalition of 26 members of the House found this unacceptable, and they sent a letter to the FDA, asking the agency to issue enforcement discretion guidelines while it works on CBD regulations. This will prevent merchants from making inappropriate and unsubstantiated claims about CBD.
Ultimately, the Senators’ goal is the creation of a comprehensive regulatory framework to ensure each manufacturer is producing safe, effective, and credible products for the consumers. Analysts believe that is the same goal that CBD industry companies like Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) and Sugarmade Inc. (OTCQB: SGMD) would like to attain for the good of consumers and the entire industry.
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