In 2018, a bill known as the Farm Bill was passed. The bill included provisions that hemp and its extracts like the hemp-derived cannabidiol be obliterated from DEA’s controlled schedules. This was a historic shift in the hemp industry and CBD in the United States of America. Besides, the change promised bigger chances for all the CBD merchants together with their payment facilitators. Who knows? You could even get credit card processing for CBD.
However, there are some conditions you will have to meet to access these new allowances. For example, for payment service providers, those merchants still selling CBD may suffer uncertainties. Below are the three critical things payment service providers should know concerning CBD sales:
Sure, you’ll find people marketing the CBD products as dietary supplements or food products, but it’s wrong. FDA, under Food, Drug and Cosmetics Act states that it’s a breach of the law to market any CBD product as a food product or even as a dietary supplement. Maybe this may change in the future when there’s much the researchers have done their part, but for now, marketers will be obliged not to.
However, some senators from Oregon urged the FDA commissioner known as Scott Gottlieb to allow the selling of CBD products as food products. At the moment, nobody is allowed to sell CBD products in the form of food products.
Because tons of research are still being carried out, it means there is still no satisfaction as to whether or not CBD can be used to treat some diseases. Therefore, nobody should make claims that CBD products cure some diseases unless the FDA approves it. The mention of cure, prevent, or treats a specific disease should not be found even on the labels of products or on social media. It is true that people have found out that CBD has some capabilities to prevent or reduce specific ailments, but such claims shouldn’t be used for marketing. Marketers who want to market their CBD products in such a way will have to wait until FDA gives an official report.
There may be changes in the coming years or changes, but currently, there are states that prohibit CBD. For example, hemp-derived CBD is regulated in Idaho. There are chances that most states will legalize CBD but for now, only sell CBD products in places where it’s legalized.
There are anxieties regarding CBD, but there is no satisfaction. Therefore, you need to know what the FDA prohibits and what it doesn’t guide you.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.