It’s no secret that 2019 was a big year for CBD and the cannabis industry. With the implementation of the 2018 Farm Bill in place, the industry has seen tremendous growth by both companies that want to make a positive impact and their shady counterparts looking to make a quick buck. As we head into 2020, there will likely be big changes on the horizon for CBD. Here are our 4 predictions of what to expect for CBD in 2020.
FDA Enforcement Begins
While CBD has been fairly unregulated, the rise in letters to businesses that have been making unfounded medical claims should foreshadow that the FDA needs to begin cracking down on the industry. Unfortunately, nearly 75% of people think the FDA is already regulating CBD products even though they aren’t. This change in 2020 to begin FDA enforcement will help ensure that only safe products are being provided to the general public.
Domestic Hemp Production Expands
Under the 2018 Farm Bill, states and tribes are required to create their own hemp production plans that would then be reviewed by the USDA. While several states submitted their requests quickly to get ahead and begin creating capital, only a handful have received approval. In 2020, it’s likely that many more states will complete the process and be able to start their own domestic hemp production.
FDA Regulation Tightens
As previously mentioned, the CBD industry is a new frontier. For this reason, most companies aren’t taking the precautions necessary to save money. This includes skirting the rules to avoid third-party testing and neglecting to accurately label their products. It is likely within the first quarter of 2020 these things will become mandatory for CBD manufacturers or brands.
Imports of Hemp CBD
Although a grey area at the current time, many attorneys have begun showing interest in the importation of hemp CBD from other areas of the world like Europe, Asia, Africa or South America. Since this will likely require the assistance of Customs, the FDA and USDA, it may take a little more time to get started. However, it is likely to see some progress in 2020.
Ready to get started?
No matter what your desired CBD product may be, the experts at Hemp Partners are here to ensure you have the support you need to succeed in this exciting and growing industry. Our team understands the important role a contract manufacturer plays in your business’ success and will work hard to not only provide the high-quality CBD products you need but also the customer service you expect. Contact us today to learn how Hemp Partners can expand your product lines and increase your profit margins with affordable CBD manufacturing.