The CBD industry sources in Washington have recently expressed their concerns about the Food and Drug Administration’s (FDA) reluctance to make CBD legal to sell in a supplement. Let’s see what’s going on in the industry and find the right CBD merchant account for your business.
CBD Regulation: CBD Merchant Account
For years, the FDA hasn’t allowed the cannabis-derived compound or cannabidiol to be sold in a supplement or added to food. Now, for the 1st time in U.S. history, a marijuana legalization bill has been approved by the House Judiciary Committee.
Specifically, on November 20, 2019, 2+ hours’ of debate ended with the committee’s approval. The 2019 Marijuana Opportunity Reinvestment and Expungement (MORE) Act was approved in a 24 to 10 vote. If the MORE Act becomes law, cannabis will no longer be prohibited in the country.
On November 25, 2019, the FDA published a revised consumer update concerning the safety issues around CBD products. Based on the updated statement, since there isn’t enough research data, the administration can’t call CBD products safe.
What about your own CBD business? Are you overcoming the challenges in the field successfully? If you work with a reputable high risk merchant services provider in your field, things will get easier for you. Just turn to a respectable high risk payment processor that offers the easiest and fastest access to the safest and cheapest CBD merchant account in the space.
CBD in the U.S.: Legal or Not
Up to now, 33 states and the District of Columbia have broadly legalized marijuana in some form. 10 other states and Washington, D.C. have legalized marijuana for recreational use. Experts in the industry anticipate CBD products to account for almost $3 billion by 2021.
When it comes to the U.S. Air Force, the latter has recently announced the products are largely unregulated and are still likely to contain THC. So, airmen could test positive during a urinalysis test. The Air Force doesn’t allow service members to use CBD products, no matter they’re federally legal or not.
To sum up, for the 1st time, the marijuana legalization bill clears the congressional committee. Passing the bill through the committee might be the beginning of legalization becoming law.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the safest and cheapest CBD merchant account in the industry. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.