Retailers are taking advantage of the booming CBD industry even as its legal status and health benefits remain murky. And the flood of products is only testing how federal regulators can police it.
FILE - In this Aug. 29, 2018, file photo, a customer tries a free sample of a pain cream that contains cannabidiol for her arthritis at Minnesota Hempdropz in Maplewood, Minn. Mainstream retailers are leaping into the world of products like skin creams and oils that tout such benefits as reducing anxiety and helping you sleep. The key ingredient is CBD, or cannabidiol, a compound derived from hemp and marijuana that doesn’t cause a high.
Retail sales of CBD consumer products in 2018 were estimated to reach as much as $2 billion, according to Cowen & Co. By 2025, that figure could hit $16 billion in retail sales, the investment firm predicts. Even high-end retailers are getting in on the action, charging anywhere from $12 to $150 an ounce. Barneys New York has opened a shop in Beverly Hills, California, that sells CBD-infused creams along with hand blown glass bongs and other accessories, while Neiman Marcus is now offering an array of CBD-infused beauty products from balms, lotions soaps and masks in five of its stores.
Indeed, some are doing just that. Walmart says it doesn't have plans to carry CBD-infused products at this time and Target, which in 2017 sold hemp extract products on its website but then quickly yanked them, said it's monitoring the situation. Only drugs that have been reviewed by the U.S. Food and Drug Administration as safe and effective can make claims that they treat or prevent diseases or medical conditions. Many CBD producers try to get around that by using vague language about general health and well-being."We are a more anxious society and people are looking for cures," said Kit Yarrow, a consumer psychologist and professor at Golden Gate University in San Francisco.
CBD is operating within a patchwork of regulations that vary by cities and states. In New York City, regulators are prohibiting outlets to sell CBD-infused food and beverages, threatening them with fines. Other states like Ohio and California are taking similar action. Maine's governor, on the other hand, signed an emergency bill in late March allowing CBD in food products after state inspectors warned stores to pull them from shelves earlier in the year.
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