The use of CBD as an ingredient in many treatments and even foods have become an unstoppable trend. Although, various companies were unwilling to sell CBD and related products due to its legal implications, according to Forbes, the financial services company, Square have started to take a slightly different approach. A Square representative spoke to Forbes about how the payment processing service has started to accept payments for specific CBD products.
No further details have been mentioned, but we can soon expect a rise in sales of CBD products, especially after President Donald Trump signing the bill last year, that legalized hemp. Square quietly took the initiative so that companies which sell CBD products can efficiently process customer credit cards and maintain bank accounts, but only for a short term. The spokesperson also mentioned that Square observes changing policies and strives for new opportunities for their clients.
CBD is one of the various components extracted from cannabis alongside THC. Although THC is responsible for getting high, CBD does not produce the same effect. CBD-included products are used to lower anxiety and provide pain relief without the psychoactive effects of THC, but a substantial amount of research is still needed to prove the benefits of CBD. It is now found in pills, creams, gummies and even coffee. Recently, even the FDA approved marijuana for the treatment of epilepsy.
Marijuana legalization is still a hot debate, as some states are still behind in the trend. Following Canada’s nationwide reforms, the United States also took a stance on marijuana legalization in the 2018 midterm elections. Michigan voted for recreational weed with regulations similar to that of alcohol. Most other states allow residents to have up to one ounce of weed for recreation, and six plants per individual for cultivation. Michigan residents could have up to 2.5 ounces and can grow twelve plants per individual.
In contrast, North Dakota did not change possession and regulation limits, but it did legalize weed for 21 or above adults. People previously convicted for cannabis possession may be expunged. Missouri settled for medical use only. Doctors can suggest the use of CBD products for various conditions and patients can even buy or grow cannabis at home. Utah also voted cannabis for medical purposes, but with far more restrictions. Cannabis has been legalized for medical purposes in thirty states so far. Ohio is the most recent state to have legalized marijuana for medical issues, but Ohio also asked for major amendments, such as minimizing the punishment from misdemeanor or decriminalization.
Square’s statement on the sale of selected CBD products does not clarify exactly which products would be sold, and how it would work with cannabis companies. A pilot ‘invite-only’ beta service on selected products does not necessarily mean that Square has totally moved on from its previous stance on not selling CBD-infused products at all.
With that being said, companies who want to make more money should at least look into the prospects of selling CBD products and the legal complications it could lead to, before deciding on selling these products.
Former FDA Commissioner Expresses His Skepticism on CBD Benefits
While the research on Cannabidiol and its benefits are still ongoing, there’s no doubt that many of them have yielded results in favor of its benefits. Sure, there is more research to be done, but completely disclaiming the current findings is something that not many would prefer to do. However, Scott Gottlieb, the Former Commissioner of FDA, expressed his skepticism on these ‘findings’ and the potential benefits it comes with, during a news interview with CNBC
CBD Benefit Claims are “Pretty Hokey”
Scott Gottlieb, during his recent interview with CNBC news, claims that supporters of CBD are making claims about CBD’s benefits that are yet to be confirmed by research. Although he didn’t completely discount the proven results of experimentations, he did, however, claim that CBD’s ‘calming effects’ are yet to be proven.
He expressed this notion in a statement where he claimed that the idea of being able to use CBD in dog food to providing ‘calming effects’ for the canine is “pretty hokey”. Furthermore, he says that “there’s no science to that” claim so to speak. As evidenced by the response the video got on Youtube and the CNBC News Website, the supporters of the CBD Bandwagon are enraged by his baseless claims, since research did support and prove the theories of CBD’s calming effects.
Why is this a concern?
According to Scott Gottlieb, these “unproven” claims are a cause for concern since these are giving different companies the opportunity to add CBD in just about anything; ranging from adding them in pet treats to coffee and beverages. He insinuated that not only these claims are misleading, but are also encouraging people to buy more products through false advertisements.
The former FDA commissioner’s claims have become a cause for concern for the supporters of CBD as well. Sure, some are happy, behind the scenes, since Gottlieb is the “former” commissioner, hence, can’t do much harm anymore; but his claims can and will put doubts in the minds of CBD users who are benefitting from its use.
What We Know About CBD?
Not to totally disregard Mr. Gottlieb’s claims, his statements hold true to some extent. It’s true that he might have been wrong about some already established facts, but it’s also true that the supporters of CBD are believing way more than they should. Taking a look at the contemporary studies, we can conclude without a doubt, that CBD’s effects on anxiety, insomnia, seizures, and pain are proven through science.
The sketchy sections about its benefits are usually pertaining to the magnitude of these effects and whether or not they are sufficient by themselves to act as a medication for the aforementioned problems. Furthermore, the benefits of CBD in Arthritis treatment, relieving menstrual cramps and its benefit on a person’s skin are yet to be proven. Regardless, that doesn’t stop capitalists exploiting these rumors and releasing body creams and lotions in the market to prey on the believers, is what the commissioner is really trying to say.
Sure, he has a point. But just like the supporters, he is opposing, he too, has made some unverified claims during the interview that most people cannot agree upon. Hopefully, future research will clean up more of the confusions among its supporters and shine some light on the matter, laying the debates to rest once and for all.
CBD Oils at Gas Stations Near You
Hemp farming has been legalized; CBD market projections are at an all-time high; Support for the legalization of the production of Cannabis is still growing strong; Medical research is being funded by major corporations; What a great time to be alive – for the businesses looking to ride the CBD bandwagon. The hype is growing and everyone is looking to get in on the action. Today’s candidate: the AATAC.
What is AATAC?
AATAC stands for the Asian American Trade Association Council. It’s one of the largest trade associations of different gas stations and independent convenience stores in the US. Their member’s number around 50,000, representing around 90,000 branches at different locations all over the United States. Currently, they are reaching about 60% of the market in the country.
Most of their stores are branded with popular names such as Chevron, ARCO, Sunoco, BP, ARCO, Shell and 76. However, these are independently owned and operated while being members of the AATAC. One particular brand among the AATAC’s members, Health Harvest, has announced its decisions to include CBD in their inventories this summer, reaching around ten thousand locations. They expect to see the distribution to be further spread across thirty thousand locations by the end of the year.
CBD as an Icon
Obviously, this sudden growth spurt in CBD’s popularity hasn’t been overnight. Decisions of popular sports authorities regarding this substance, albeit misleading, are playing a major role in increasing the public awareness on this substance. More and more research is proving the benefits of CBD as a painkiller as opposed to the available addictive medications in the market. Furthermore, celebrities are promoting its benefits in popular media, shining a spotlight on this substance and increasing its popularity.
Unsurprisingly, such movements did not go unnoticed by the economists and business and market analysts. With its rising popularity, support and awareness, experts are expecting a huge increase in the market demand and value of CBD worldwide, prompting many countries to reconsider their stance of the legalization of its production.
CBD Oil on Different Stores
Health Harvest and its other AATAC brothers aren’t the first ones to get on the CBD bandwagon though. Many popular brands such as Walgreens and Vitamin Shoppe are including CBD on their shelves. Of course, Health Harvest’s decision to do the same is news, because unlike Walgreens and Vitamin Shoppe, they do not hold a pharmaceuticals section nor are recognized as a retailer of such products. Hence, this decision of theirs is not only increasing CBD oil’s accessibility but also normalizing this product as an OTC medication than something to be found at a pharmacy.
How can we not talk about the food and beverage industry, while we are talking about different brands adopting this product when they are one of the first ones to get on the CBD bandwagon. For a while now, different cafes, coffee shops, and restaurants have been busy experimenting with CBD-infused recipes; with great success nonetheless. While the nature of these businesses is far different from the gas stations’, they are all united with under one banner: Cannabidiol.
King Soopers’ New Line: CBD to be on shelves in Colorado
King Soopers’ is a well-known name among the residents of the Rocky Mountains. It’s a brand name owned by Kroger’s and has been a popular supermarket selling retail products. Its main headquarters is in Denver, Colorado, where all its executive decisions are made. One such notable decision that has come to light recently has been their decision to put CBD-based products on shelves for public use.
While being a popular brand name for a one-stop purchasing spree for all your grocery, King Soopers has been around for around 72 years now. However, this is the first time they came up with the decision to put CBD products on their shelves. Selling all sorts of products like a deli, bakery, dairy, frozen, seafood, liquor, snacks, produce, meat and general grocery, they also have a selection of pharmaceutical products, where these CBD products, will most likely, be available.
According to the statement that the King Soopers officials have made to CBS4, they are placing a limited selection of CBD products, derived from hemp and meant for external use only. According to the officials, they have properly reviewed all of these products in terms of their quality and safety and can safely assure their prospective customers about their quality. From the information we have, the products on the shelves will include CBD oils, body lotions infused with Cannabidiol and skin creams.
King Soopers’ rivals such as CVS, Walgreens and Vitamin Shoppe are already selling CBD products in their stores. Other smaller businesses, such as Jeffreys, claims to have huge success with these products. At this point, not trying to take a bite of this apple might not be a wise choice for King Soopers, which probably worked as the prime motivator of this executive decision from their end.
Denver news channel executive, Nicole Brody, claims that this decision has been made due to the FDA’s recent public hearing on CBD. Although the CBD market has been booming in different parts of the world for a while now, the US government only made the decision to legalize hemp production only very recently. Ever since then, we can see more and more companies putting these products up on their shelves.
If we take a look at the recent research, conducted at Ontario Long Term Association, we learn that CBD is the non-addictive substance in cannabis that does not create a “high” in its users. In fact, it has been known as an effective sleep inducer and has been used to combat problems like Insomnia, anxiety, and stress for a while now. But of course, its main purposes remain as a medicinal substitute to painkillers and epilepsy medication.
With so many people in the US already supporting and pushing for the legalization of cannabis, it’s no surprise that the recent decisions by the US government and FDA have been favored by the majority of Americans. With King Soopers’ latest decision of putting CBD on their shelves, we believe that they expect to get more positive feedback from its users and will see good business on these products.
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