FDA Requests $5 Million For Regulation Of CBD In 2021 Fiscal Year, But Industry Asks Is It Enough?
The Food & Drug Administration (FDA) has requested a total budget of $6.2 billion with a line item of $5 million for regulation of CBD in fiscal 2021, but CBD industry leaders question whether the $5 million is enough for enforcement and to develop regulatory pathways for CBD. The request specifies in addition to regulatory activities, product testing and conducting inspections and research.
The CBD market has drawn intense interest from media companies. stockmarketpress.com features specialized coverage of CBD related stocks such as CBD Unlimited, Inc. (OTC PINK: EDXC), Canopy Growth Corp. (NYSE: CGC), New Age Beverages Corp. (NASDAQ: NBEV), GW Pharmaceuticals PLC (NASDAQ: GWPH), Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT). Aurora Cannabis Inc. (NYSE:ACB) (TSX: ACB), Supreme Cannabis Co. (OTC: SPRWF) and OrganiGram Holdings Inc. (NASDAQ: OGI).
FDA Requests $5 Million For Regulation Of CBD In 2021 Fiscal year, But Industry Asks Is It Enough?
The FDA request of $5 million for the 2021 fiscal year budget is seen as insufficient for regulating the booming CBD industry. In an interview, Steve Mister, president and CEO of the Council for Responsible Nutrition, said the amount requested is welcome but is not enough. Daniel Fabricant, president and CEO of the Natural Products Association (NPA), said he urges the FDA to use the funding to establish a safe level or threshold of CBD. FDA requests $5 million for regulation of CBD in 2021 fiscal year, but industry asks is it enough?
These spokespeople may be disappointed in the dollar line item requested, but CBD is still in the earliest stages of development as an industry. Plus, this is only a budget proposal for next year — hardly a final approved amount. The CBD industry is a growing business for some aggressive companies who see opportunities domestically and abroad. FDA requests $5 million for regulation of CBD in 2021 fiscal year, but industry asks is it enough?
CBD Unlimited, Inc. (OTC PINK: EDXC) Reports $1+ Million Record Volume In Q2, Generates Accelerated Growth Curve Year-Over-Year
CBD as an industry is projected to reach $22 billion by 2022 by the Brightfield Group, but that was prior to the COVID-19 pandemic. CBD had been gaining ground in sales and mainstream acceptance prior to the global coronavirus pandemic. That bounce could resume when the crisis is over. One CBD company focusing on marketing creatively now despite the crisis and succeeding is CBD Unlimited, Inc. (OTC PINK: EDXC). This week it reported $1+ Million record volume for its second quarter ended March 31, reflecting an accelerated growth curve year-over-year. It recorded an order of $1 million and recognized it in this quarter.
In an updated interview with NASDAQ MarketSite reporter Jane King, CBD Unlimited, Inc.’s (OTC PINK: EDXC) Todd Davis, CEO, said the firm is forecast to hit its goal of placement in 20,000 stores roughly two-five months ahead of its year-end target. The interview can be seen and heard on YouTube.
CBD Unlimited, Inc. (OTC PINK: EDXC) finished last year with product placement in some 5,600 stores. The goal for the end of this year is 20,000 stores. Davis of CBD Unlimited, Inc. (OTC PINK: EDXC) says the company is ahead of schedule. He said, “We’re on about 6,000 shelves now and will hit the 20,000 mark earlier than we thought. We’re on track to be getting there from two months to five months early.” He was referring to a corporate goal of reaching the 20,000 store mark by the end of this year.
CBD Unlimited, Inc. (OTC PINK: EDXC) Sees Positive Restock And Reorder Flow
“We’re seeing a lot of the natural food stores, grocery chains, big box pharmacies reordering and stocking up a little bit more aggressively than they were in the fourth quarter of last year. Now we’re starting to see the restock flow, the reorder flow, and those are really good indicators for the industry.”
CBD Unlimited, Inc. (OTC PINK: EDXC), despite the challenging environment, also:
- Acquired Kush, Inc., a New York-based entity which builds brands through e-commerce, strategic marketing and networking;
- Appointed two members to its Board: Dr. Daniel S. Brandwein, D.P.M., F.A.C.F.A.S., and Peter Governale, an alcohol/beverage marketing expert;
- Launched its first phase of product testing for its new line of Equine CBD product, TrailRMix™;
- Introduced at ECRM 2020 its new Value-line, along with CBD-infused chocolates and honey sticks
CBD Unlimited (OTC PINK: EDXC) Develops, Distributes All Natural Products Derived From Hemp
CBD Unlimited (OTC PINK: EDXC) develops and distributes all-natural CBD products derived from hemp. Its portfolio of products includes oils, capsules, topical and pet products. Phyto-Bites are soft chews for animal use designed to reduce inflammation, pain and separation-anxiety. It also has CBD products formulated for humans. The company’s CBD hemp product has premium genetics and superior quality. The extracts in its products are rich in photo-cannabinoids and terpenoids that are non-psychoactive.
CBD Unlimited, Inc. (OTC PINK: EDXC) ensures that its CBD product is monitored every step of the way: from U.S. hemp growing, processing and marketing. The consumer can be confident of the brand and investors in the company can be assured of its attention to controlling product quality, producing CBD products from hemp sourced and grown in Colorado and Kentucky under USDA and state regulations.