A great deal of attention is currently being focused on the medicinal properties of CBD oil, a cannabidiol oil made from the major non-psychoactive compound in the cannabis plant. And it’s coming from at least three directions at once.
It’s coming from medical science, chronically ill patients, and businesses foreseeing a huge industry in the making. Somewhere between the medical science and the big business side, Big Pharma is showing a lot of interest, too. Even hemp farmers are keeping an eye on developments.
The interested parties are not just lining up in the wings and waiting for the lucrative action expected to follow certainty on CBD oil’s legal status. They’re getting ready to go or are already involved as far as the US market is concerned, according to Truthout.
There’s big money to be made in CBD oil
Some predictions within the US are that CBD oil could top the NFL as a money-earner. In Israel, known as the world leader in medical cannabis research and innovation, experts have claimed they foresee their country’s cannabis-related exports as eventually becoming their top export, above arms and natural gas.
Israel is already benefitting from partnerships with several countries, including the US. Companies in the US have already invested hundreds of millions in Israeli and British projects. Amongst these are the CBD-based Epidiolex treatment for childhood epilepsy, and the licensing of two CBD-based synthetic derivatives which Israeli studies indicate helped heal bone fractures in rats.
From a business point of view, the map is clearly already there for this treasure hunt. The CBD oil, and the CBD it contains, are in the treasure chest.
A selection of our products
US researchers playing catch-up
Within the US itself, where researchers are still trying to play catch-up after years in the dark due to legal constraints, cannabidiol (CBD) currently features in more than 1500 academic articles and 61 clinical trials, according to the NCBI’s PubMed.
They’re still looking, but they know what to look for. Back in 2013, a review in the British Journal of Clinical Pharmacology recorded CBD as having properties helpful in treating pain, convulsions, depression, inflammation and tumors.
The United States government even owns the patent (#6630507) and has done so since 2003, on certain medicinal functions of cannabinoids, including CBD.
Legal confusion still tightens the reins
Despite changes in individual state’s legislature to allow the use of marijuana (cannabis) or CBD-only for medicinal purposes, CBD’s federal status is still that of a Schedule 1 drug. Although totally non-psychoactive, CBD is linked with the psychoactive THC cannabinoid as a co-compound of cannabis in terms of this drug classification.
In industrial hemp, also a cannabis plant, there is extremely little THC. Between the 2014 Agricultural Act, and The Omnibus Appropriations Act if 2016, CBD from industrial hemp could be taken as being legal throughout the US, unless individual states forbid it.
However, it is not legal to grow hemp in the United States. Some states have declared it legal to do so, but are facing opposition from the federal Drug Enforcement Administration who control hemp farming.
When the green light is on
Everything is in place for the CBD oil industry to explode when the clouds clear with regard to the Yes and No legal situation currently under the spotlight.