2019: The Highs And Lows Of The Cannabis Market
What Changes Can We Expect With CBD Going Into 2019
2018 has passed and we welcome the new year of 2019. I am going to briefly summarise the cannabis industry looking back through the past year and what we can potentially expect in 2019.
CBD in the UK has been quite a turbulent year in places, we have hit a few stumbling blocks along the way as a seller in the UK CBD market.
Marketing has always been an issue digitally as hemp is not FDA approved, this is a subject I will touch on shortly. We have also had card payment providers such as PayPal and Stripe shut our merchant services down on the website in the summer, which held us back because we could only supply bank transfers as the sole option when paying for products online. As you can imagine any new and some existing customers landing on to the website would be very apprehensive when faced with this as the sole option for payment.
The tough task then was in finding a card processing company who would be happy to work with a company in our industry. Which at the time happened to be out of the United Kingdom. Gratefully we got there in the end, although the ‘goal posts’
In May, we were told by the MHRA that reviews mentioning any medical claims are to be removed. Other items currently removed from the UK cannabis market, are products that are directly for the use of pets, ie: dogs and cats. This remains legal in the US though. The main reason for this is because of the Veterinary Medicines Directorate, who were wanting to see further research into pets using CBD for health-related issues. This is a very confusing topic as the British Veterinary Association seem to question this legislation.
November/December came around with huge attention focussed on medicinal cannabis being legal to prescribe to those in special circumstances such as children with epilepsy. Though frustratingly, these families have come forward since, stating that they are having to jump through hoops in the process to get nowhere.
the US Farm Bill which is the primary agricultural and food policy tool of the federal government. Some much welcomed positive news emerged when Donald Trump signed the Farm Bill in late December. This was such an important landmark in history as hemp was removed as a controlled substance. You can read the report by Forbes here.
This was seen in the industry as positive news, as it is seen as an opportunity to advertise CBD products digitally, in turn, helping consumers in finding it easier to identify products more freely. However, this has proved to have had the opposite effect with many CBD businesses having their social media pages deleted completely in the
Hopefully, this will soon be a thing of the past for legitimate companies who genuinely want to help people. Within the next six months or sooner the avenues for advertising should be expanded for compliant companies.
The cannabis industry is still showing impressive growth in the UK. In early 2017 there were an estimated 350,000 users of CBD food supplements, it is now touted that there are approximately one million people choosing cannabidiol to supplement their health here in the UK.
2019 will be a year of education for me in particular as our friends at Advance Biotech are having me over to help them with their hemp farming and extraction process. This is something that I cannot wait to get started on, with a great ethical company.