From chocolates to skincare to elixirs and more, CBD is everywhere, and according to Brightfield Group the category is forecast to generate $23.7 billion by 2023. Retail chains have already started carrying CBD, exposing consumers to products containing the non-intoxicating cannabinoid even in markets where cannabis remains illegal. And now pet owners have embraced the trend, creating a consumer segment projected to be worth an estimated $1.16 billion by 2022 in the U.S. alone. In this post, we explore a few of the implications hemp and cannabis business owners will need to consider as the Northeast prepares for both expanding legalization and the emerging pet CBD industry.
The Confusing CBD Landscape
Veterinarians should be the primary resource for pet owners interested in giving their pets CBD, but figuring out what they can recommend is often easier said than done.
That’s because one of the biggest misconceptions about CBD is that it’s federally legal due to the passage of the 2018 Farm Bill. In reality, the bill removed hemp from the federal Controlled Substances Act but left it up to individual states to set their own laws with regard to hemp. Confusion over legality has led to a number of hemp-derived CBD products, including options for pets, being available in stores and websites that may not be legally authorized to sell them.
Additionally, the FDA has not approved CBD for human or animal use. This not only means that these products are currently being sold in an unregulated market, but research into the long-term effects of CBD use is only just getting started. Pet owners need to be aware that while some CBD products have been formulated with their furry friends in mind, there’s very little data on the impact CBD has on animals. Lack of regulatory oversight also means several CBD brands may use false or misleading claims to market their products. Giving animals CBD products made for humans also presents a risk because differing dosage needs and the fact that some ingredients meant for human consumption may not be safe for animals.
For veterinarians, not only is understanding what’s legal in their jurisdiction crucial, but obtaining education on what CBD is and seeking third-party testing results from pet CBD companies are the best ways to ensure that you’re equipped to advise pet owners.
Join us as we examine the veterinary medical cannabis landscape during the educational session, “Vital Pet Cannabis Industry Implications,” at the National Cannabis Industry Association’s Northeast Cannabis Business Conference. Formerly Seed to Sale Show, #NECannaBizCon invites you to seek emerging business opportunities, broaden your East Coast network, and explore the latest regional insights. Meet with NCIA members, entrepreneurs, policymakers, industry leaders, and service providers on 40,000 square feet of expo floor when the only true B2B cannabis tradeshow to focus on the growing Northeast market arrives at Boston’s Hynes Convention Center February 19-20, 2020 – Registration is now open!