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Should China Capitalize on $4.4 Billion Opportunities in Medical Cannabis Market

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China Cannabis Regulation

As the demand for CBD as a medicinal ingredient keeps increasing globally, many countries are seeking to legalize the production of this week all around. Countries like South Korea, Thailand and Malaysia already settled upon legalizing it, finally giving a steady supply to the demands.

Although China hasn’t decided to follow that route and decided to stay their current course and control and limit the Cannabis production, according to recent reports, China can and still has an open market of $4.4 Billion for the taking.

This prediction came to be due to the region of China providing a favorable climate for the production and growth of Hemp. Above that, China has a recorded history of hemp cultivation and topping it off with the population advantage, China has become the go-to source of Cannabidiol (CBD, a non-psychoactive substance present in hemp and cannabis) for the western world.

We have talked about how studies showed that the world is growing to have a $20 Billion Dollar market by 2024.  With a prospective market of $4.4 Billion, China may as well be able to take a big bite out of that share (around 22%). While Asia-Pacific countries like New Zealand begins to see this potential, China has yet to take action to legalize Hemp production.

China is still adhering to its limit of 0.3% THC in any medical products just like Europe. Even though the substance has shown significant results among the users of the substance for curative uses, the Chinese government is still strict about their laws concerning Cannabis production. Of course, we cannot totally disregard their concern about the possibility of substance abuse, but overlooking the possible benefits it can bring might opt this nation out of the $4.4 Billion-dollar market as well as the major health benefits it may bring.

If we look at the market patterns, we would have a strong reason to believe that the clinical evidence of its benefits, the world-wide acceptance of the substance and the economic possibilities may as well change the government’s stance in the future. But whether or not these winds of change can occur before the opportunity expires, still remains to be seen. Regardless, China is already being considered as a Cannabis Superpower despite their inactive participation in the production.

Even though the restrictions, the cultivation of this “green gold” is still going on in different provinces of China. According to the farmers, the production is bringing them about 1550 USD per hectare of the farmable land. With all that “real estate” up for grabs, the answer to “should China capitalize on the $4.4 Billion markets?” seems to be an easy one to answer. But whether or not the Chinese government really chooses to capitalize on this opportunity or not still remains to be seen. But one thing is certain if this cannabis superpower intends to enter the competition, the $20 Billion markets by 2024 prediction would be realized without a shred of doubt.

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Policy

New Poll Gets Public Support for FSA regulation on CBD

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A recent YouGov poll issued by The Association for the Cannabinoid Industry or The ACI has shown overwhelming support regarding the UK’s Food and Standard Agency (FSA) guidance on cannabidiol regulation.

The ACI collaborated with YouGov to commission a poll that demonstrated strong public acceptance of the CBD regulation set forth by the FSA. The survey provided insight into the UK’s usage and awareness of CBD, revealing that 71% of the participants know about CBD, while 16% have bought a CBD product.

ACI Pharmacy Lead Dr. Andy Yates stated the YouGov poll revealed the public are aware of the current CBD regulation and are willing to support future developments by the FSA regarding new measures in the sale and use of the product.

The UK’s CBD regulation

The FSA conducted a review of various CBD products and discovered possible adverse effects on the health of a person consuming the said substance. It ordered businesses to disclose more information about their CBD products and what they contain. CBD businesses only have until March 31, 2021, to comply with the directive.

Advice on CBD safety for vulnerable groups was also given by the FSA, which includes pregnant women. These individuals are warned against taking CBD products. It also strongly suggested a daily limit of 70mg of CBD for healthy adults.

Asked about their level of support, the participants responded positively to the FSA’s decision. An overwhelming 74% of them welcome guidance, while only 8% are opposed to it.

There were 2065 respondents weighted to signify British adults 18 years and above.

However, CBD consumer confidence is a different story. Only 29% of participants are confident that cannabidiol products in the market are tested and labeled correctly. In comparison, 45% said they don’t wholly trust CBD products to have the right information and testing.

Legal & sustainable CBD

The Global CBD Summit is set to take place on March 16-17 in London, where The ACI will stand as a diamond sponsor.

The ACI Founder Steve Moore will be tackling about the association’s vision to make CBD legal and sustainable, which highlights consumer safety as a priority in his upcoming keynote address.

The ACI Regulatory Lead Dr. Parveen Bhatarah will then run a roundtable discussion that will talk about the association’s activities to make the vision a reality.

Dr. Bhatarah stated the regulatory clarity provided by The ACI’s recent statement would be the basis for a trustworthy and legal CBD sector in the UK. She mentioned the public’s positive reception of the FSA guidance denotes the need for leadership as the demand for CBD keeps rising.

CBD has been designated as a “novel food” since January 2019. It previously followed the EU guideline on Novel Food Regulations wherein food items without consumption history before May 1997 will be subjected to auditing before they can be marketed.

The Center for Medical Cannabis (CMC) trialed thirty CBD oil products in the UK. The tests revealed that more than one-third have only less than half of the claimed CBD content. One CBD oil did not have any cannabidiol at all.

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CBD Sellers Say New CBD Law Protects Consumers

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Cannabidiol (CBD) sellers from Long Island believe that the new state law signed by Gov. Andrew M. Cuomo will defend consumers from dangerous products by aiding them in making informed choices and purchases.

Users laud CBD for being a therapeutic reliever for anxiety or pain without the psychoactive effect that its cousin marijuana causes.

The legislation passed last December require hemp businesses to test their products and label them appropriately. It also created a state-permitting process for hemp growers, processors, retailers and companies that are planning to sell hemp extracts and other hemp-related products like CBD.

CBD oil and cream are found by users to help in promoting sleep, aside from its alleged pain-relieving properties. However, there is little scientific research to back the claims made by consumers.

The new CBD state law

The newly signed measure allows the Department of Agriculture and Markets management over hemp cultivation, while the Department of Health has direct supervision over hemp extracts. The law will take effect on March 9, after 90 days following the signing of the bill last December 9.

The new legislation does not affect licensed hemp growers immediately. It also does not alter the state policy that prohibits the infusion of cannabidiol to food and beverages, according to a Department of Agriculture spokesperson.

Shop owner Jessica Naissant who sells locally manufactured CBD products like oils, soaps, lotions, and candles fully supports the new law. She believes that CBD is only a micro-dose of cannabis, which means that it does not cause a high that is a widely known effect of marijuana. She further stated that consumers need to know that the CBD products they buy are safe and from credible sources.

Naissant has the company’s products like topicals and oils independently verified by a third-party laboratory. Her shop only stocks CBD products that come with a certificate of analysis, which shows how much CBD is incorporated into the product.

The Food and Drug Administration (FDA) has given caution to buyers in September about CBD products that were falsely labeled and contained more or less of what the product claims to have. It was after the agency found out through tests conducted on several products sold in the market today.

Concerns from the market players

Despite the law, some market players worry that the cost of securing permits and tests will block small businesses from successfully entering the industry.

Cuomo’s office stated that the cost of securing state permits is not yet decided. In a statement made by the governor, the state is planning to hold a hemp summit to discuss priorities and policies regarding the CBD industry, which will likely happen in January.

CBD manufacturing company owner and CEO Craig Zaffe said that the law would benefit both sellers and consumers. Zaffe is also the owner of an online CBD retailer, CBDoilsofLongIsland.com. He stated that there are numerous cannabidiol products in the market, but many of them are falsely labeled. Some have misrepresented CBD levels.

Zaffe remarked that credible companies that take the time and effort to produce legitimate products that don’t cut corners are on the losing end of the current market condition. Consumers are also in danger of buying harmful CBD products because of no standard vets for product quality.

ACD Health and Wellness, Zaffe’s company, enlists Colorado-based Botanacor CBD testing laboratory for its products and commissions Oregon farms as its hemp source. Its customers can access lab reports upon request.

Zaffe believes that succeeding in the industry means caring for the people and being ahead of regulations.

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Former NBA Player Pushes for Lawful CBD Use in the League

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CBD in the NBA

Al Harrington, a former NBA player, attended the Las Vegas MJBizCon, the biggest convention for US cannabis trade, expressed his firm belief that cannabis is a healthy medical option for professional athletes.

Advocates like Harrington have been pushing for leagues to allow cannabis use. As a response, Major League Baseball has recently announced that it will stop testing in the minor leagues for marijuana use.

Harrington’s CBD advocacy

Harrington is the founder of Viola, a cannabis company championing for the use of cannabis to alleviate pain, among other alleged therapeutic benefits. He stated that a player’s day-to-day pain management problems could be answered by cannabis.

He also added that the use of natural options is nowhere near dangerous compared to prescribed pain relievers and opioids after surgery, which are addictive.

Recreational marijuana is now lawful in 11 states, including D.C., and medical marijuana is allowed in 33 states. Harrington, a pro-marijuana advocate, trusts the less psychoactive cannabidiol or CBD will be easier to accept by the NBA.

Harrington along with co-founders Sanford Kunkel, ex-physician of the Indiana Pacers and Joe Abunassar, NBA trainer, established Harrington Wellness. The brand features hemp-derived CBD that has less than 0.3% of tetrahydrocannabinol or THC, the compound responsible for the high in marijuana.

Harrington believes that 90% of NBA players support cannabis and would be the backing they need to reach their goals. He relayed how cannabis helped him walk pain-free after undergoing 13 surgeries during his 16-year career. After retiring in 2014, he considered coaching but ultimately felt that founding a cannabis company was his calling.

An open secret

Michele Roberts, National Basketball Players Association executive director, sees a policy change in the league following the upcoming presidential elections. NBA Commissioner Adam Silver has also relayed the willingness of the league to reevaluate the ban after reviewing medical marijuana. The NBPA Anti-Drug Program currently bans CBD and other marijuana-related products.

Antonio Harvey, a former NBA player, reaffirms that players don’t use cannabis because of its addicting property. He said athletes typically use it to cope with pain from playing the sport. Harvey now has his cannabis company, Terra Mater Cannabis.

Harrington was introduced to CBD back in 2012 and later used THC, for which he was open about smoking weed up to his final career year. He even had a cannabis greenhouse in Denver.

Isaiah Thomas, a Wizards guard, stated that players using cannabis isn’t a secret even if he does not use it himself. He said that other players talk about using it all the time. Even GSW Coach Steve Kerr also claimed to have smoked marijuana two times for extreme back pain.

Harvey has already secured 17 endorsement commitments from other retired athletes for his edible THC-dosed product, Legend.

Moving forward

Harrington has been in talks with NBPA regarding a possible team-up with his cannabidiol brand. Roberts is aware of the trend and sees the league be more amenable to CBD, which does not violate federal laws.

Roberts stated that the league and NBPA are on the same page regarding the amendment of current rules on cannabis. There is no aversion, Roberts adds, but the need to eliminate the possibility of jeopardizing the players.

Then secretary-general Jeff Sessions rescinded a policy discouraging prosecutors from interfering in states where marijuana was legal. The impending threat from the Justice Department has shelved the talks in the league regarding the removal of the cannabis ban. Roberts pointed out that the decision to stop testing for marijuana might progress, but it will not be anytime soon.

Medical professionals acknowledge CBD as a pain management option other than opioids. The most recent fatal opioid overdose incident happened earlier this year when Tyler Skaggs, 27-year-old Los Angeles pitcher, died from oxycodone and fentanyl. CBD, on the other hand, is not addictive.

Peter Grinspoon, Harvard Medical School faculty associate and Doctor for Cannabis Regulation board member, stated how CBD should be allowed for athletes since it is a safe alternative than the “junk” the players typically use.

However, CBD is yet to be officially recognized by the FDA as a treatment for many health conditions.

Harrington still believes that the partnerships he builds with outspoken players from the four major leagues can change the sport and lives of the athletes.

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