There is no doubt that the CBD market is booming: CBD sales are expected to reach about $1.8 billion by 2022. With its lucrative potential, many entrepreneurs are leaping at the opportunity to enter the industry. The unfortunate reality to this is that there are many companies taking advantage of the demand by putting out products of questionable quality, with the offenders often being mislabeled. The wide-spread use of cannabis-derived products in the United States is fairly new, as the Agriculture Improvement Act was passed only in December 2018 and thus legalized CBD extracts from hemp. With new products and retailers constantly popping up on the market, it’s difficult to monitor the production of cannabis-derivatives, which is further complicated by the fact that the FDA is not overseeing the regulation process.
Cannabis, as an industry, market, and product, is already disrupting health, wellness, and medicine. How do you disrupt a market that exemplifies disruption? Sometimes, oddly enough, it happens by simply following the rules, which is exactly what MMJ International Holdings is doing. With its FDA Huntington’s Disease clinical trial underway, MMJ International Holdings is changing the CBD market by adhering to the FDA drug development guidelines.
In late 2019, two CBD companies were hit with proposed class-action lawsuits that claim that their products are mislabeled under federal regulations. Charlotte’s Web and CV Sciences both labeled their products as dietary supplements without FDA approval. Because of the concern on how cannabidiol products currently affect the body, it is illegal to market these products as dietary supplements or food additives.
The CEO of the company, Duane Boise, stated, “MMJ International Holdings is disrupting the cannabis market by following the FDA and DEA guidelines in its drug development process. This separates us from other cannabis state-to-state companies.” To further distinguish MMJ International Holdings from much of the market, the pharmaceutical company is a premier medical cannabis research company whose mission is to develop “FDA-approved, cannabis-based drugs that provide symptomatic relief of spasticity, chorea, and pain as an alternative to both opiates and unstudied medical marijuana products.” MMJ International Holdings was awarded “Orphan Drug Designation” for its proprietary drug formulation which will be used in the treatment of Huntington’s Disease.
FDA regulations may seem unnecessarily strict, but it provides protection to consumers from people trying to cash in on the market to make a quick buck. As a company, MMJ is dedicated to following FDA and DEA regulatory guidelines to provide relief in a safe and effective way for patients affected by Huntington’s Disease and other neurological disorders.