More consumers are trying hemp-derived CBD products, inspiring supermarket chains like Fresh Thyme Farmers Market to increase CBD offerings, reported Forbes (Jan. 18).
PRODUCTS ON THE MARKET
Brightfield Group estimates the total U.S. CBD market could reach $16.8 billion by 2025, driven extensive media coverage. natural health/wellness trends, expanded distribution channels, product variety and evolution, and strategic marketing.
In 2020, immunity was a key focus for CBD companies as consumers sought out ingredients to incorporate into their wellness routine during the pandemic. For example, Tempo, a “better-for-you” functional beverage brand, added two new CBD-infused sparkling teas in Green Tea and Hibiscus, both infused with 25 mg of hemp-derived CBD.
CBD beverages products such as Tempo have been particularly popular. More recently, Truss CBD, the joint venture between Molson Coors and Canadian marijuana grower HEXO, introduced its first CBD-infused beverage, Verywell, to the U.S. (Colorado only), reported The Motley Fool (Jan. 16).
ISSUES SURROUNDING CBD
Colorado was selected as Verywell’s jumping-off point because of its established regulatory framework for CBD. And while many regulatory bodies are attempting to move toward cohesive rules about CBD products, U.S. oversight is a patchwork of regulations, according to Smart Brief. Hemp-derived CBD has been federally legal for two years, but some states still do not allow sales of certain types of CBD products—mainly food and beverages.
Back in September, legislation was introduced in the House of Representatives that aims to “make hemp, cannabidiol derived from hemp, and any other ingredient derived from hemp lawful for use under the Federal Food, Drug, and Cosmetic Act as a dietary ingredient in a dietary supplement, and for other purposes.”
CHANGES UNDER BIDEN ADMINISTRATION?
Under President Joe Biden, things could be different for CBD companies. Biden’s pick for Assistant Health and Human Services Secretary, Dr. Rachel Levine drew praise from the American Trade Association of Cannabis and Hemp, which called her “a trailblazer who successfully guided the implementation of Pennsylvania’s medical marijuana program,” reported Marijuana Business Daily (Jan. 19).
Biden’s nominee to lead HHS, California Attorney General Xavier Becerra, hasn’t been a vocal advocate of the marijuana industry, but in 2017, he pledged to defend California’s legal cannabis market from any possible intervention from the Trump administration.
Along with Vice President Kamala Harris’ sponsorship of the Marijuana Opportunity Reinvestment and Expungement Act, a new era of CBD product availability could be on the way.
