The Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act passed in the House Judiciary Committee with a 24 to 10 vote on November 21, 2019. The MORE Act is historic because it:
• Removes or “deschedules” marijuana and cannabis from the federal Controlled Substances Act
• Allows states to enact their own cannabis regulations without federal interference
• Provides review and expungement of past cannabis convictions
• Provides reinvestments to communities adversely affected by the drug war
The bill is also historic because it marks the first time that members of Congress have ever voted to deschedule cannabis. The bill could be sent to the floor of the House of Representatives for a vote, assuming other committee chairs agree to waive jurisdiction over it. Assuming the bill is passed by Congress, it would mark the second legislative measure that may serve to expand and develop the cannabis market. The Farm Bill, which was passed by Congress and signed into law by President Trump in December 2018, legalized the transportation and production of hemp nationwide. Furthermore, an amendment to a bill passed by the House of Representatives this past summer directs the Food and Drug Administration to establish a process for regulating CBD in foods and dietary supplements.
In fact, National Organization for the Reform of Marijuana Laws (NORML) Political Director Justin Strekal recently stated in an interview, “Congress has never moved this far, this fast, on marijuana policy, period.” And Forbes magazine categorizes the 116th Congress as the “most marijuana-friendly Congress in history.”
A favorable legislative environment, strong public support for marijuana, interest in the benefits of CBD, and the opioid crisis are all factors supporting rapid growth and development of the market for CBD health and wellness products. In fact, the market is expected to approach $1 billion by 2024 with strong growth each year, as forecast in Kline’s CBD Health and Beauty Products, published in March 2019. The impacts of such products on prescription and nonprescription pain relievers, both oral and topical, are one of the key trends to be examined in Kline’s upcoming CBD Health and Wellness: Market Analysis and Opportunities, due to be published in Q1 2020. This report will provide updated consumer attitudes and usage research along with quantitative sales estimates, qualitative analysis of regulatory and legal status, and a forecast for CBD-based products. CBD is a key ingredient with multiple claims and is being studied extensively for its role in treating many disease states. This report helps subscribers to:
• Assess this dynamic market that is poised for strong growth
• Understand the existing legal and regulatory barriers
• Analyze consumer attitudes and perceptions about CBD products
• Evaluate claims being made and product forms available
• Learn about business opportunities and how to capitalize on this burgeoning space
• Prepare for the potential threats to existing brands
• Make predictions about the CBD market in the United States
For more information, please contact us.