With the ongoing current scenario and headlines, 2023 definitely calls for some much-awaited news! Since the hemp/ cannabis industry is only expected to go up, it seems to be creating quite some buzz.
With that, let’s look at the news stories to see what to expect in 2023 and what not to! As a matter of fact, we are fully aware that India has the ability to develop a billion-dollar market from the same unless we continue to undervalue the industry’s potential.
Operators in the hemp/ cannabis sector and supporting businesses have laboured to lay the groundwork for a market that is secure and satisfies the demands of customers and consumers.
Moving onto what makes us confidently say the Hemp/ Cannabis industry can make it big are listed below – Continue Reading!
According to the Wall Street Journal, Google announced some relaxation on the marketing/advertising of CBD products.
CBD brands have always been prevented from fully advertising their products by either platform limitations and privacy restrictions or both. This puts some companies and business owners in a difficult situation.
Speaking of this news, for CBD product manufacturers, businesses and entrepreneurs who have for a long time been prohibited by several technological corporations from advertising online, the news constitutes a minor victory.
According to Lisa Buffo, founder and CEO of the Cannabis Marketing Association, Google’s move to allow some CBD products to advertise is a positive step. To what extent is this a positive step, we shall get to know in the coming days!
Moving onto the next headline The 135th session of the International Narcotics Control Board (INCB) was concluded in Vienna. Of all the concerns addressed, INCB analysed the trend to legalize the non-medical use of cannabis!
The Board completed a special study on the accessibility of drugs and other psychoactive substances for use in medicine and research that will be included as a supplement to its 2022 Annual Report.
The mission results will be considered by the Commission at its 136th meeting in February 2023.
Enters the Food and Drug Administration, wherein earlier the FDA has consistently taken a stance on cannabis and substances produced from it i.e to not be allowed in food and beverages, etc.
However, in December 2022 the FDA considered regulating the cannabis compound CBD in foods, and supplements over safety concerns.
Together with the National Institutes of Health (NIH), the FDA is studying the effects of CBD, and the results will help guide its recommendations for laws governing these products.
The FDA will have to determine if CBD products may be regulated as foods or dietary supplements rather than pharmaceuticals once it is prepared to move forward with issuing regulatory recommendations.
Takeaway
Will 2023 prove to be a year for the hemp/cannabis industry? If yes, Industrial hemp’s expanding market will open lucrative business opportunities for underdeveloped nations…and if not, India would probably be losing a billion-dollar potential opportunity to make it big in the hemp industry!
Either of the headlines mentioned above are to be implemented on an international level. It would, however, undoubtedly have an impact on the Indian market, laws, privacy, and regulations!
