The CBD space is booming. On the other hand, the Food and Drug Administration (FDA) is taking some actions. Are you in the CBD industry? You must be looking for a secure and affordable CBD merchant account, mustn’t you? This article will tell you the most important in this regard.
FDA on Products with Marijuana
CBD is available in various forms over the internet and in physical stores. Such availability became allowed after the 2018 farm bill made hemp legal under certain conditions and didn’t ban CBD items from being shipped among states with restrictions.
Today, you can come across thousands of “hemp oil” posts on Amazon. They promise to keep people away from anxiety, and other health conditions. Peter Pitts, a former associate FDA commissioner, says that lots of things are happening that aren’t right. So, where should the FDA direct its efforts as the products and claims go on accumulating?
Apart from the main issues concerning CBD, its regulation is also complicated with some other dilemmas. One of them refers to the authorities. It’s necessary that the government describes what kind of CBD people can use.
Now, it’s legal to use hemp and its derivatives. Specifically, marijuana, which is basically the same plant, but can get users high, is under control. However, you can find CBD in both. Also, it’s possible to derive CBD from a plant or synthesize it in a lab, as biotechs in Israel, the UK and Canada are exploring. So, let’s move forward and find out more.
Marijuana Business & CBD Merchant Account
Shortly after the farm bill came into force in December, the FDA announced it was going to build policies for the market since the approval of a CBD-based medicine was already available. Besides, the FDA could use the same strict control for other products as well. According to lawmakers, this is all troublesome for the FDA itself.
What about your marijuana business? Do you need a secure and low cost CBD merchant account to start accepting payments online? With a reputable credit card processor this can’t be an issue. Just look for the one that’s a true payment expert, as well as provides the cheapest rates and the most reliable payment services in the industry.
In fact, CBD producers haven’t largely operated in full view. Now that the farm bill is a reality, the situation has changed. They’ll need to come around to working with the FDA, as Marc Scheineson, a former FDA official notes.
Did you know that an estimated 64 million Americans have tried CBD or cannabidiol in the last 24 months, as a January 2019 Consumer Reports survey shows? Moreover, over ¼ of people in the country have tried CBD for mental and physical reasons. Besides, 1 out of 7 of those people uses it on a daily basis.
The reality is that CBD is already available in so many products on the market these days, and this is a growing tendency. The research company Brightfield Group forecasts the CBD market will make up $22 billion by 2022 based on hemp alone.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that can get you the most secure and cheapest CBD merchant account easily. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.