This brand new year bodes well for its cannabis market. There is enthusiasm as we welcome new countries to the cannabis fold and ardent hope that we will see movement toward creating cannabis completely legal at the national level. Momentum from several significant improvements in 2018, for example, the addition of industrial plants from the new farm bill along with Canada’s nationally legalization, will surely continue to fuel production, entrepreneurship and policy.
Here are some tendencies and improvements we are keeping a close eye on as 2019 roars into life:
Legalization: Now the House of Representatives will likely be controlled by Democrats, a few of whom have left legalization component of their campaign promises, we can anticipate a great deal of talk on different federal statements. There’ll be heaps of ideas tossed around, a great deal of excitement and an overall expectation that the U.S. is moving toward an end of prohibition in the national level. In reality, Rep. Earl Blumenauer (D-OR) has even laid out a step-by-step procedure for making cannabis legal in 2019.
Department of Justice: That is a doubt for 2019. Fired U.S. Attorney General Jeff Sessions was a foe we had been familiar with. While his rhetoric could have prevented several firms and financial institutions from entering the area, he had no harmful influence on the business. Finally, there was a feeling that despite the bluster, he had been carrying a hands-off strategy to cannabis. Together with Sessions gone, there is a chance for a new attorney general to obstruct positive shift.
Industry leaders: That can be the year once we’re going to begin to find a bifurcation between businesses which are strong and the ones which aren’t. Up until today, cannabis was a “rising tide lifts all boats” type of business. But that will not be accurate. We are going to see those that are successfully executing their business plans receive a significant lift this year as consumer spending is predicted to jump 40 percent. But we will also begin to see inept businesses neglect. A good deal of folks kindly got into cannabis since it was sexy or the upcoming huge thing, and they are likely to pay a penalty for not understanding the business. 2019 will be a reality test, that can be a great thing for all those businesses which have strong, professional business programs in place, since we could anticipate retail investors to begin to have a back seat to big cash.
Capital immersion: Stocks were explosive for a couple months in the end of 2018 since investors were not certain how the landscape could change after Canada’s change to authorized cannabis. However, as institutional investors begin arriving, they will have a close look in everybody’s numbers and benefit businesses which are solidly performing and possess the standard hallmarks of a successful startup. That means capital will begin moving to the better players, and it will further distinguish them from the bunch. While there’ll be some fallout, generally speaking, it is a fantastic thing for the marketplace. A business built on hype and anticipation cannot survive. That is the year we are likely to understand that numbers and performance matter.
Terpenes: Terpenes are the chemicals that provide cannabis its taste. They also improve the sensory experience. It is known as the entourage impact, and it describes the manner terpenes and THC operate together to create a more powerful effect than can alone. Researchers are mining terpenes to detect the hidden qualities of those we all know about and discover any we have not yet identified. As we know more about which ones create what special consequences, we will begin to see better and new formulations for both recreational and medicinal applications.
Products: Over 30 percent of cannabis sales in California in 2018 have been vapes. We have to expect other nations to follow California’s lead with towering vape revenue in 2019. Low-dose goods are made to attract new customers to the cannabis area, will begin to create a showing this season. Including ready-to-consume edibles, drinks, and vapes. Distillate oils, that can be almost odorless and tasteless, provide flexibility and potency. Start looking for them to donate to an explosion of fresh cannabis-infused solutions. At precisely the exact same time, we will see blossom sales begin to decrease as a proportion of overall sales, as vapes and infused products eat away in the class. The drink category will also earn a good deal of sound in 2019. It is going to become a hot subject and will find some extra traction. However, regardless of the hype, it likely will not get a good deal of true market share until 2020 or 2021. It takes some time to fine-tune drinks, but they’re anticipated to become a $600 million company by 2022.
That which we will not see nevertheless are some national brands. Provided that interstate trade is refused to cannabis, it is going to be hard to produce one. It is reasonable in a few ways. Whenever there are a limited number of licenses, why would New Jersey give one to some California-based firm? Additionally, minus the capacity to standardize processing and growing, there is no brand awareness — meaning there is no way to create merchandise in Ohio that tastes precisely the same as you created in Florida. It is left to individual areas to come up with their own regional brands.
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No matter the brand new year brings, we could anticipate that cannabis will continue to grow, with new goods, fresh capital and new customers entering the area in ever-growing amounts.
CBD Crackdown Backed By the Attorney General
Leevin Camacho, Attorney General supports the recent crackdown on hemp-derived CBD products and has issued a statement regarding the issue. Since the 2018 Farm Bill passage, cannabidiol associated products have been on a rise in the market in various island stores across the nation.
The statement mentioned that the passage of the bill has given an impression that hemp has been legalized and that CBD containing products are decriminalized. Majority of the people believe that selling CBD is legal everywhere and anyone can do it. The Attorney General assures that “decriminalization does not mean there will not be any regulation.”
Guam Officials Question CBD Crackdown
The statement provided by the Attorney General was issued as a response to a letter delivered by the Guam Officials. Speaker Tina Muna Barnes and acting Gov. Josh Tenorio asked for a written statement on Monday from the Attorney General on his thoughts on the extent to which individuals and business can sell or import CBD products in Guam.
The letter was sent in response to local island businesses who issued complaints because their products containing CBD were seized by Guam Customs and Quarantine Agency officers. Director of the Guam Department of Public Health and Social Services Linda DeNorcey denied that her officials have rejected the release of products containing CBD because they “might contain THC and also because these products have not been screened by the U.S Food and Drug Administration.” DeNorcey stated that her department did not instruct CQA to confiscate any CBD containing products. Despite the Public Health department’s zero involvement, officials question the reasons behind CQA’s confiscation of these products.
CQA Director Tested Shipments
Ike Peredo, the Director of Guam Customs and Quarantine Agency mentioned to The Guam Daily Post that his officers did start testing some CBD products that arrived through air cargo shipments in February. These products were found to contain trace amounts of THC, the major component of the psychoactive marijuana, which is still illegal under federal law. Since THC is related to CBD, despite its non-psychoactive effects, CBD is classified as a drug. According to Camacho, the FDA can regulate these products containing CBD, most of which still require approval for interstate trade and commerce.
AG Concerned About Consumer Health
Camacho referred to a study in the Journal of the American Medical Association which observed that more than 70% of the products containing CBD which are usually bought online were not labeled properly. Thus, a consumer might as well be ingesting THC instead of CBD, which is still illegal. The AG said that his office is worried about consumer safety and that it’s his responsibility to ensure that the products contain the proper ingredients and are properly labeled.
By regulating these products, he wants to ensure that there is minimum harm done, and it may stop businesses from stating false claims about their products. The FDA had previously warned businesses about advertising CBD products as miracle cures to diseases such as cancers, anxiety, depression and other serious ailments.
Do Pet CBD Supplements Really Work?
The CBD Bandwagon has gathered such momentum that people are now even investing in CBD products for not only themselves but their pets as well. But how much of the presumed benefits of these products on their pets are legit? What should be the things that a pet-owner should be aware of? These are the questions asked by the Seattle Times with some collaboration with veterinary experts.
Pet CBD Products
With many of the CBD products available for people out there, there are CBD products available for dogs as well. Although the effectiveness of these products in animals is still in question, it’s definitely not doing anything to stop people from experimenting with their beloved animals with these products. While some of these products help the animals, others inadvertently lead to a waste of time and money in the best case scenario and cause harm to the animals in the worst (As seen in the experimentation with rats).
Obviously, the grey lines in its usefulness will bring about a lot of controversies from different organizations and individuals; especially when CBD is gaining such popularity at such a rapid pace. While the supporters of CBD can blow it off as “haters hating”, the opposition does take these skepticisms as weapons to fuel their beliefs.
Actual Data from the Proper Sources
With arguments from both sides, it’s actually very easy to get lost amongst the truths and differentiate the myths from the facts. So, like the Seattle Times, we believe that the best way to get rid of these confusions is to refer to actual sources of knowledge and the unbiased statements from the experts in the field.
One such source, is PetMD, a pet-focused version of WebMD. It details everything, with clear details on the benefits as well as the side-effects of these “medications” on pets. Going through this source does reveal some alarming information about these products. However, they do also do not deny some of the perceived benefits that these products can have on dogs.
What to Do?
So, if CBD infused treats and medications for your pets come with both benefits and side-effects, what to do? The answer is simple: Moderation. According to the Seattle Times, experts did not completely discount the use of these products, but rather advised its users to use them with caution. They should refer to their better judgment when purchasing their products from different companies and only use the products that have demonstrated effectiveness rather than just assumed or self-proclaimed ones.
Nowadays, it’s easy to find products for your pets in stores and online, Vet CBD is a notable example. But not all of the sources might be able to provide what they claim to deliver. Some of these products might just be a dud, with little to no effects on your pets. While others might even go as far as to harm your pets. Regardless of which, your pet product is, it’s always safe to administer these products to your pets in moderation and after careful consideration of the sources.
Payment and Compliance Companies Now Playing a Huge Role for CBD Products
Compliance issues among CBD products
CBD has faced a good amount of controversy surrounding its efficacy and abuse potential in the past. While it doesn’t give a high like marijuana or other THC-containing products, it’s been reported to help with pain and anxiety.
Nowadays, issues with payments and compliance are huge concerns in the cannabis industry, as well as other CBD-containing products. Among the issues are the exceeding amounts of CBD or THC in the products. For this issue, LegitScript comes into the rescue. They are an online service that verifies and monitors online pharmacies.
They have since launched a program that certifies websites selling CBD products that are legally compliant. As of today, USDA, FDA, and DEA- approved U.S. manufacturers and traders can apply for certification via LegitScript. Currently, the site provides a 10-page introduction regarding marijuana laws and regulations. It aims to help people understand the state restrictions and payment processes involving medical marijuana.
Having the LegitScript certification gives consumers and banks assurance that CBD merchants are compliant with state-specific laws, as well as regulations provided by various U.S. agencies. Even though cannabinoid or CBD-containing products have been made legal in the U.S., some products that contain THC in more than legal amounts are still illegal. This is why it has become difficult to pinpoint which merchants are selling compliant products.
CBD payments made easy
Even though the CBD industry has its regulation difficulties, major companies like Target and Walmart have been reported to be having discussions with CBD manufacturers. Many are also asking for lab and research results on top of CBD samples.
With this, the fact that the CBD industry is increasingly growing is undeniable anymore. Thus, digital payment companies such as Square, have gone into the CBD industry by providing access to basic financial services. This happened just when Elavon recently backed out from CBD companies.
A year after the legalization of CBD in the U.S., Square has stepped in to give businesses in the CBD industry a good financial service that makes it easier to process payments.
A growing industry
It’s been reported that over 7 percent of Americans are using products that contain CBD as of February. Cowen & Co. surveyed 2,500 adults and have found that the CBD market would be worth over $16 billion by 2025. Meanwhile, in a study by Vivien Azer, analyst, there are over 2.7% more people who use CBD more than e-cigarettes. Because of the rapidly growing industry, more people would definitely be in need of safer and more efficient payment options. In the future, more research will back up most of CBD’s health claims, thus attracting more attention from consumers. There will come a time that these certification programs will be a necessity amongst many consumers.
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