Will CBD be Widely Used in 2021? According to Forbes… Maybe
A new year, a new president, a new era for CBD? End of the year projections are already coming through and the word on the street is that the leading democratic party may be pushing for the legalization of marijuana federally within President Biden’s term. But for now, can we expect CBD to be more accepted and widely used in 2021?
The republican held senate will be the biggest hurdle for marijuana advocates to navigate in the coming year, but conservatives seem to be softening to marijuana and more so to CBD. As the momentum to legalize marijuana continues, CBD will likely become even more commonplace during doctors’ visits and maybe even visits to grandma’s house.
The 2018 Farm Bill was responsible for the legalization of CBD, but the industry is still considered risky. Why? Because at any moment, new legislation, federally or at the state level, could leave CBD retails in the dust. High risk merchant accounts for CBD sellers have been increasing in demand as the industry and ordinary Americans come to terms with the uses of this miracle chemical.
According to Forbes, the boom is coming. “Sales of cannabis have grown every year in U.S. states where it is legal, and each year that list of states gets longer. Cannabis is a labor-intensive market with jobs from “seed to sale” for applicants at all education and experience levels. Farm and retail workers, professional service providers, marketers, software makers, security personnel, and horticulture experts are all needed for the industry to succeed.” (Forbes)
And as marijuana continues to see growth so will CBD.
And it looks as if New Jersey, Arizona, South Dakota, Mississippi, and Georgia may legalize marijuana for recreational use by the end of 2021. (Cannabis Law)
But the FDA still remains stern on the subject of CBD, only legalizing part of the chemical. “To date, the FDA has only approved one pharmaceutical drug containing CBD – Epidiolex – which has mainly been used to treat seizures. This is significant for CBD companies because this approval transformed CBD into an “active ingredient in a drug product” that has been approved by the FDA. In turn, this classification limits other uses for CBD in non-drug products.” (Mondaq)
What’s the main piece of advice we have for CBD companies in 2021? Stay vigilant. The industry is still highly regulated and complicated. When looking to manufacture or sell CBD products, we recommend you follow every letter of the law to the T. Consult with a lawyer and consult with a high risk merchant account processor before you begin anything else.
Joyce Hope is a writer who specializes in merchant accounts. She has worked for First Card Payments since 2017.