The market for oils, capsules, body lotions, and other products containing cannabidiol, better known as CBD derived from hemp, has been rapidly growing. But there’s room for further expansion with ingestibles. What the industry needs is for the FDA to take action and classify CBD as a food additive or supplement enabling it to be included in food, beverages and supplements.
The hemp industry, now legal to farm and cultivate in New Jersey, employs thousands of workers in America, and the growth trajectory remains strong long-term. Yet it could be even greater for New Jersey farmers if CBD ingestibles were allowed to be sold in mainstream retailers and online stores. This would allow companies like Walmart and Target to get fully behind the CBD category. Industry experts estimate the potential associated market with CBD edibles, beverages and other products could exceed $23 billion by 2023.
There’s already support from several members of Congress. Rep. Collin Peterson of Minnesota has also introduced a bipartisan Bill HR 5587 co-sponsored by both Rep. Comer and Massie of Kentucky, that would allow FDA-regulated, hemp-derived CBD to be marketed in dietary supplements and as food and beverage additives.