Pharmaceuticals & Politics
GW Pharmaceuticals has been running clinical testing on a medication called Epidiolex, which is CBD based and used to treat seizures. In order to sell the product in the United States, the medication must be approved by the FDA. GW Pharmaceuticals expects to win approval and the FDA still refuses to attribute any benefits to CBD products. What could this mean? Supporters believe this would mark a shift in using safer medications with the lessened risk of adverse side effects than currently available options. Opponents believe this would choke out the CBD market, as they believe the FDA favors Big Pharma. How CBD may be effected by governing agencies like the FDA or DEA remains uncertain, but could hinder people finding natural ways to effectively treat their conditions.
On the other side of the coin, insurance companies have begun debates on whether to cover CBD products. This could regulate the market to higher quality products, weeding out the “bad apples.” It is uncertain if the costs would be more than users currently pay now. It is also unknown if insurance would only covered products produced by drug makers or if smaller operating companies would be considered.
The hemp industry is experiencing a renaissance in the United States. Traditionally, industrial hemp is used to make many products such as paper, fabrics and textiles, rope and building materials. Now, more refined hemp products are being used in the production of health products, including CBD.
According to the Hemp Business Journal, CBD product sales reached $190 million in 2017. The Bright field Group released a report that expects a 55% compound annual growth rate over the next 5 years, which would push CBD to the $1 billion revenue mark. With this kind of expansion, the opportunity for revenue increases exponentially. The US has become a consumerist nation and the hemp industry could allow for it to shift towards a production based one. The production of hemp products, including CBD, could have profound potential in exportation. Hundreds of thousands of jobs can be created as this industry flourishes.
As already shown, CBD can be used to help people suffering with a wide range of ailments. From treating pain, inflammation, infections, sleep issues and mood disorders, this cannabinoid can help. CBD supports the immune system, protects the brain and fights cancer. Humans aren’t the only ones who can benefit from the use of CBD. As all animals have an endocannabinoid system, pets are being treated for the same conditions as people are. As research continues, more uses for CBD are being discovered.
For a while, CBD rich products seemed to lose some steam as medical marijuana entered the scene. This could be attributed to people seeking the psychoactive effects found with THC rich products. There has been a resurgence in interest in CBD, as people seek relief without impairment. CBD has been instrumental in helping children with seizure disorders regain some normalcy in their lives and is favored because it won’t get kids “high.” Professionals can benefit from CBD without psychoactive effects impeding their work. People who experience adverse side effects from marijuana, like paranoia and anxiety, find the help they need and won’t have to worry about that with CBD. This is important for people with severe anxiety or PTSD.
If you are interested in seeing what we have to offer, feel free to check out our shop