The Food and Drug Administration has recently said that they'll be updating the hemp industry in regards to it's CBD review by late summer or fall.
This is great news for anyone operating in the industry because it is a sign that the FDA is willing to accelerate their effort to create rules for CBD. As of now, legislation regarding CBD has been somewhat unclear and many small businesses are hurting because of it. Many banks and payment merchants are placing CBD businesses in a high risk category and in turn these companies are often times do not have access to capital markets. With new rules, this uncertainty and confusion will be cleared up and the industry will truly begin to thrive!
Dr. Amy Abernethy, who is spearheading the FDA's work on cannabinoids such as CBD, recently said the agency "is enthusiastic about research into the therapeutic benefits of CBD products but also need to balance safety." Abernethy recently wrote on Twitter, "We plan to report on our progress around end of summer/early fall".
She noted that the public has until Tuesday to weigh in on how CBD should be allowed in foods and dietary supplements. The FDA didn't make any promises about expanding CBD access but said its open to changes and starting reviewing its policies on May 31st.
Keep your eyes peeled for more information about the results of this review!