Takeaway: The booming expanse of the CBD industry has ushered in a few companies that are using the CBD marketing and advertising high to gain profits. NBC Miami took it upon themselves to find out the actual state of CBD affairs on the CBD product shelves. The massive growth, lack of regulation and the huge demand are contributing factors to this. Buyers are cautioned to be extra careful while buying CBD products. One must buy a product only after satisfactorily checking its legitimacy.
In today’s world of constant marketing and relentless advertising, customers can easily get lost. It seems that companies have perfected the art of presenting claims as facts. There is only so much that government regulation and industry watchdogs can do.
One industry that saw massive growth over the past few years has been the marijuana industry. The stories about the miracles of CBD are endless and lengthy. Celebrities, medical experts, and even your next door neighbor seem to rave about CBD products. The boom comes as a result of new research proving the efficacy of CBD along with its legalized status.
So, being such a lucrative industry, it is not surprising to see every company jumping off the CBD bandwagon. Companies are now selling everything from CBD e-liquids to CBD gummies. The CBD products industry has reached the $5.9 billion mark. And further growth is predicted. One research company anticipates that the industry will grow up to $22 billion by 2022.
In the face of such staggering figures, there is little doubt to the potential of the entire industry. Clearly, every company wants a share of the pie, but is every company doing the right thing?
The NBC Miami Expose:
With all the hype and noise surrounding the chemical compound, it can be easy that buyers become less cautious. The rush to follow the CBD trend can mean that users simply buy CBD products from where ever they can manage. It is an industry struggling to meet a growing amount of demand.
The lack of caution makes it easy for companies to dupe customers. This is what a report by NBC Miami found out. The investigators tested various CBD products from much-loved brands and came up with some surprising results. It turns out that companies do not always label their products truthfully.
The team at NBC Miami found out that many companies’ products did not have the amount of CBD that was claimed on the packaging. In fact, there was even one instance where the product had zero CBD content.
This may come as a shock to most people, especially CBD product users. The unfortunate truth is that it is very easy for companies to get away with this sort of behavior.
Let’s examine the reasons for the influx of fake CBD products.
The Massive Growth:
One simple reason for the lack of control has been the sheer size of the increase of the CBD industry. While the demand multiplied, suppliers struggled to meet this growing demand.
CBD industry became a goldmine and suppliers rushed to try their luck. With such a quick increase in the number of firms selling CBD products, it became difficult to distinguish genuine sellers from the fakers. Some companies claimed to sell CBD products just to cash in on increased demand.
Sure, there are plenty of good, well-reputed companies. However, there are plenty of companies who sell CBD products and lie about the CBD content inside. NBC Miami’s story made a great point by exposing some of these companies.
Lack of Regulation:
Despite its exponential growth, CBD industry remains grossly under-regulated. The chemical is still being researched on. FDA has only approved of one medicine containing CBD.
Other than that, the industry left pretty much to its own devices. CBD is not a supplement, nor a medicinal ingredient. It has no recommended daily dosage by the FDA. Regardless of all of this, CBD continues to remain popular.
The problem here is simple; there are no central authority monitoring companies that regulate the making of CBD products. Users are forced to trust companies and whatever label they put on their products.
Some companies follow ethical business practices and have an in-house testing system. The in-house testing system ensures that the CBD content present in products matches the one on the label. However, a lot of CBD brands have no testing system. Why would they incur an extra cost when they are not being held accountable?
Unfortunately, CBD brands not testing their products for CBD content makes perfect sense from a business point of view.
Ultimately the biggest loser, in this case, is the users. They are falsely led to believe that they are getting a certain amount of CBD. Some may just feel better due to a placebo effect. This is really unfair.
To a lesser degree, CBD brands who are honest and have their products lab tested are also losing out. These companies incur an additional cost which the companies that do not test avoid. Since demand is too high that users buy regardless of a company’s testing status, the companies who test have no real advantage.
This is the sad reality of CBD products. It just goes to show how companies can sometimes get away with straight up lying.
Light at the end of the tunnel?
The good news is that there is hope. As the industry has boomed, it has gained attention. Calls to regulate the industry have become stronger and louder. Very soon the whole CBD industry could be monitored with stricter rules and regulations.
This is great news for companies doing an honest job, as they will finally be rewarded for that. It is, however, really a win for the users. Users purchase CBD products from their hard-earned money and have a right to know the truth.
Hopefully, the reforms will come sooner rather than later so users can finally make an informed choice.
Till there is no regulation and no checks on companies making CBD products, buyers must remain cautious. Users need to realize that not all companies are the same. They must be aware of the malpractice of companies lying about the CBD content.
So, when buying a CBD product, buyers must be extra careful. They can ask whether a certain company has testing facilities or uses third-party services.
Using CBD is a big decision. One that requires careful thought and extensive research. So, if users are willing to spend on CBD products, they must be willing to conduct research as well. Doing research is only way users can get answers to some basic questions.
Next time you pick up a CDB product, don’t just take the CBD content on its face value. Dig deeper.