August 8th marks the second celebration of National CBD Day. This day was founded by cbdMD to celebrate the natural and versatile supplement that brings a wide range of benefits to those who use it; and boy is there a lot to celebrate. Read on…
The CBD industry has had tremendous growth since the last celebration of this day which is known as National CBD Day. There’s been new research, increased momentum, and many new fans welcoming the natural properties of CBD.
There have been so many things that happened, and we thought we would pause to celebrate just some of the things that have happened – both big and small.
1. DEA Reschedules Epidiolex
Epidiolex made a big splash last summer when it became the first drug that contained CBD to be approved by the FDA. The medicine treats seizures associated with two forms of epilepsy, Lennox-Gastaut syndrome, and Dravet syndrome. But the Drug Enforcement Administration (DEA) still needed to reschedule the drug for it to go on sale. On September 27, it finally happened. This prescription has opened the doors for other medications made with CBD to make their way to the market and make a difference in the lives of those who haven’t found success with current medications.
2. 2018 Farm Bill Signed Into Law
The 2018 Farm Bill made hemp and hemp-derived CBD federally legal as long as it contained no more than 0.3 percent THC. This monumental bill is a large reason why you see CBD everywhere. It made it so that CBD could become sold in stores and online. It also started an important conversation about the difference between THC and CBD. Furthermore, it decriminalized CBD, opening the door for athletes, nursing homes residents, and even parents to try it.
3. CBD Joins the NYSE
The 2018 Farm Bill opened up CBD companies to list on the New York Stock Exchange (NYSE). Shortly after the Farm Bill was signed, Level Brands acquired cbdMD, making it the first U.S. based company to trade on the NYSE. In May, they changed their ticker to “YCBD.” The ticker name was a nod to the company’s commitment to educating the public about CBD. In a statement, Caryn Dunayer, President of cbdMD said, “It only seems appropriate that as the first CBD company to be publicly traded in the U.S., we secure a ticker symbol representative of the brand’s primary focus.”
4. Senators Introduce Bill to Expand Cannabidiol Research
There’s not a lot of research about CBD. The research that we have is promising. But more research is needed to show the full benefits of CBD. On June 28th, three senators, Dianne Feinstein, Chuck Grassley, and Brian Schatz came together and announced a bipartisan bill that would encourage scientific and medical research on CBD and marijuana. In their statement, they pointed out the stories they’ve heard of people successfully using CBD oil to help promote well being. If this bill passes, it will speed up the approval process for researchers to begin their work and allow physicians to talk to their patients about CBD.
5. CBD Expected to Become a $24 Billion Market
There is no doubt that CBD is a growing market. It’s easy to tell by all of the places you hear about CBD, but even easier to see by all the places where you can buy it. The CBD bill has opened up several retailers to begin selling it in their stores, CVS for example. The expansion of CBD from online to inside brick and mortar stores has propelled the market from an estimated $22 billion to nearly $24 billion, according to a Brightfield Group report. These numbers mark a 706 percent growth in the market from 2018.
Mini CBD Celebrations
We don’t want to forget some of the other ways that CBD has forged ahead over this past year. In April, Kim Kardashian held a CBD themed baby shower for the arrival of her fourth baby bringing CBD into pop culture and introducing thousands, if not millions, to CBD. After a shocking arrest following the 2018 Farm Bill, TSA updated their guidelines to allow people to start traveling with CBD. CBD gummies became listed as the third most popular food search on Google in 2018. cbdMD became the first CBD sponsor to the Big3 for their third season. The Big3 was the first professional sports league to allow their players to use CBD. In May, the FDA held its first public hearing on cannabinoids. It was the first step in providing regulation to the market, which the industry is definitely anticipating.
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