Earlier this month President Donald Trump signed the 2018 Farm Bill that legalized hemp and CBD products in America. And now one expert says CBD is "too big to fail."
Jonathan Miller, the general counsel for the US Hemp Roundtable, says that the future for hemp is very bright. The passage of the farm bill as well as the Food and Drug Administration's (FDA) letter discussing CBD regulations indicate that the tide is turning for hemp.
“CBD now is too big to fail,” Miller said.
Projections for the legal hemp industry say it's about to boom. While hemp produces less than $1 billion in sales in the U.S. right now, experts say that will number will hit $5 billion next year, and the American hemp market will be worth $20 billion by 2022.
Some have said the FDA's statements on CBD are concerning, particularly the parts about regulating CBD to make sure it doesn't appear in food products. By Miller says the FDA has mostly focused on making sure CBD and hemp products don't make crazy medical claims that are misleading to consumers.
Miller also noted the FDA plans to hold public meetings to discuss how to regulate CBD products going forward.
“We see a path in the very near future that the FDA will be formally approving of these products to be sold alongside the vitamin C’s and D’s and melatonins of the world,” said Miller.
That means we'll see a lot more examples of this going forward: