Posts tagged with "Hemp Business Journal"

Chew on this: CBD edibles have not been approved yet by the FDA

February 11, 2019

Last year, Americans bought $264 million worth of hemp-derived CBD (cannabidiol) products—from oils and tinctures, to serums and creams, to gummies and brownies, to CBD infused drinks that include smoothies, quenchers and more, according to the Hemp Business Journal.

But that doesn’t mean it’s legal everywhere. In fact, last week, New York City’s Department of Health embargoed cookies and other pastries containing the cannabis compound that had been on sale at restaurants and health food emporiums around the Big Apple.

And according to Eater New York, other cities also prohibiting the sale of CBD-infused foods and drinks.. During the first week of this month, Maine’s health officials announced a ban on CBD edibles, saying that the food additive has not been approved yet by the FDA.

Indeed, according to the Food and Drug Administration, CBD-infused products cannot be sold yet as dietary supplements or food additives.

However, the popularity of CBD continues to increase—largely based on word-of mouth about its nonaddictive calming properties, as well as its therapeutic uses in the alleviation of epileptic attacks and other disorders; including migraine headaches, irritable bowel syndrome, glaucoma, and PTSD.

What exactly is CBD? It’s a non-psychoactive chemical compound (which means it doesn’t get you high) that is derived from cannabis.  It’s also a different compound than THC, so it won’t show up on a drug test.

And consumers are sold on it, even if the FDA isn’t on-board yet. In fact, a report released last September by the Brightfield Group, predicts that the hemp-derived CBD market will reach sales of $22 billion by 2022—outpacing  the market for cannabis.

Research contact: serena@eater.com

PepsiCo has eyes on the booming cannabis market

October 3, 2018

On October 2, PepsiCo  announced better-than-expected third-quarter earnings that showed signs of growing consumer demand for its namesake cola, teas, Gatorade, and other beverages in North America

Now, following in the footsteps of competitor, Coca-Cola, Pepsi is reportedly taking a hard look at how the cannabis industry—and cannabidoil (CBD) products, in particular—can push those profits exponentially in the near future.

Coca-Cola last month said it is “closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages,” after reports surfaced it may be eyeing the cannabis-infused drink market, CNBC reported.

Indeed, Hemp Business Journal says that companies that jump on the CBD bandwagon now will enjoy an uptick as the market for the legal cannabis derivative explodes—to an anticipated $1.8 billion by 2020.

“I think we’ll look at it critically, but I’m not prepared to share any plans that we may have in the space right now,” Chief Financial Officer Hugh Johnston told Jim Cramer and Sara Eisen on CNBC’s Squawk on the Street on October 2.

Cannabis, which still is illegal at the federal level in America, but is legal in some states and in Canada, has attracted increasing attention from food and beverage companies as either an opportunity for future growth—or conversely, a threat to their brands, CNBC reports.

In mid-August, Corona beer-maker Constellation   announced an additional $4 billion stake in Canadian cannabis company Canopy Growth, following up on a previous investment in October 2017.

The CBD is derived from the marijuana plant that some people believe provides therapeutic relief. It does not include THC, which is what gives cannabis-users a “high.”

Research contact: @LaurenSHirsch