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On the first day of the Asia Pacific Expo, 2FIRSTS conducted an exclusive interview with Jordan, a representative for CBD dealers in Florida. Jordan provided insights into the CBD market in the state of Florida.
The "Farm Bill" promotes the development of the marijuana market.
In 2014, the state of Florida passed the "Compassionate Medical Cannabis Act," which allowed some patients to use medical marijuana and low-THC cannabis.
What has truly fueled the booming CBD market in Florida is the Farm Bill introduced by the United States in 2018.
According to Jordan, this bill essentially opens the door for certain requirements to be met by marijuana products, with the most noteworthy aspect being the release of cannabinoids, including non-psychoactive cannabidiol (CBD), from federal regulation.
Jordan emphasized a key point to 2FIRSTS, stating that as long as the Delta-9 THC content is below 0.3%, it is classified as hemp rather than marijuana.
After the enactment of this law, products can be legally manufactured, sold, and transported as long as they comply with the federal regulations on ingredients limits and labeling requirements.
However, the implementation of regulations in different states may vary. For example, Florida has stricter regulations regarding marijuana. "First, one must have a lab that has a QR code to test all substances in the sample, including the levels of THC and CBD in marijuana, as well as testing for mold, heavy metals, and pesticides," said Jordan.
You never know when new regulations may be implemented.
Although there are existing regulations at the macro level, government regulation in response to the development of the CBD market is not set in stone and will be adjusted over time as new issues arise. For distributors like Jordan, it is important to ensure clear and transparent product ingredients and avoid any gray areas or potential bans.
Jordan stated, "Because you never know when there will be new regulations. The regulatory authorities could change the rules as early as tomorrow.
In recent years, the United States has become increasingly tolerant towards recreational marijuana. Jordan himself holds an optimistic view towards the potential future legalization of recreational marijuana in Florida, believing that it's only a matter of time. Data seems to support his optimistic outlook - as of February 2023, 21 states and Washington D.C. have legalized recreational marijuana, a stark contrast to the zero states that had done so prior to November 2011.
How will the market develop in the future?
From the perspective of someone who is focusing on CBD products, the rapid changes in the US consumer market are even difficult for industry insiders to predict. He cited the example of the rise of psychedelic mushrooms in the US market last year. Prior to this, there had never been such a product on the market, and no one could have predicted the emergence of this dark horse.
Jordan stated, "The industry is increasingly turning to psychedelic mushrooms and other alternative smoking products, while consumers are also placing greater attention on health.
According to Jordan, the CBD market in Florida has great potential for growth, especially with the gradual relaxation of marijuana regulations and increased awareness among consumers of health benefits. This may lead to an emergence of more innovative products and demand in the market.
However, for industry professionals, the challenge of operating in a constantly changing regulatory environment remains significant. Regardless of how the market may shift in the future, Jordan states that his focus will always be on providing high-quality CBD products to consumers.
2FIRSTS will continue to cover the APE exhibition and we look forward to bringing you the latest updates and reports.
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