There is a science fair at your school and an amazing prize awaits the most creative project. You put in your heart and soul into it and come up with something that is out of the box and path-breaking. You are so excited that you share the idea with our friends at school and everyone concurs that it truly is a pioneering project.
The day of the science fair arrives and you reach the venue only to be taken aback. Your rival in class outsmarts you by not only stealing your idea but by making sure that his project had the teacher’s approval. Your friends know it was your idea, but there is nothing you can do about it as the other person smartly made the first move and got the teacher on board.
How would you feel about it?
Disgusted? Seething with anger? Betrayed?
Such pettiness and deceit can happen only happen in high school right? WRONG!
This is exactly how things are unfolding in the battle between small-scale CBD vendors and the giants of the pharmaceutical industry.
The vultures are circling?
According to statistics published in the Hemp Business Journal, the industry registered sales of $820 million in 2017. In spite of facing regulatory hurdles and legal challenges, the industry grew by 16%.
The industry is poised to grow to $2.1 billion by 2020, a whopping 700% increase from 2016. Those numbers are not only appealing to the players in the CBD market but serve as an invitation to the pharmaceutical giants to come and crash the party.
You may be wondering, “What is fuelling this phenomenal growth?”
A survey conducted by Bright field group shows that 42% of CBD users ditched traditional medicine and a significant 80% of the CBD users rated these alternate medicine as extremely effective treatment. The same survey reveals that 90% of CBD users were likely to buy these products again. Those numbers sound the death knell for pharmaceutical companies.
What’s the fuss about?
CBD is now being used to treat a wide array of medical conditions such as Insomnia, depression, anxiety, epilepsy, cancer, cardiovascular issues and diabetes as well. Users prefer this over traditional pharmaceutical options as these have minimal side effects and are non-addictive.
Have you ever heard of the name Charlotte Figi? This was the case that first brought to light the amazing effects that CBD can have on reducing epileptic seizures in children suffering from Dravet Syndrome. After exhausting all traditional treatment options and giving up on her ever making a recovery , her parents started her on low doses of CBD , the results as they say changed their lives and of those who suffer from unmanageable seizures for the better. Charlotte’s seizures not only drastically reduced but her cognitive development also went back on track.
Another name associated with this miraculous saga is that of the Stanley brothers. Paige and Matt Figi were looking for someone who could supply them a specific strain of marijuana that was high on CBD and had very little THC, a strain which was minimally supplied as no one wanted cannabis that had no THC. The Stanley brothers were at that point experimenting with a stain of Cannabis that was very high on CBD with minimal THC (a ratio of 30:1). After some initial apprehensions they agreed to give them the required supply thereby paving way for her incredible recovery.
Stanley brother are one of the growing tribe of medical marijuana growers and dispensers who experiment and innovate with the limited resources at their disposable and create combinations and concoctions that are were unimaginable a few years ago.
Going for the Jugular
The pharmaceutical industry is not pulling any punches in making sure that it establishes its monopoly in the CBD industry.
It knows that there is a shift in consumer preferences from traditional pharmaceutical options to more natural and holistic alternatives and hence to make sure that it gets the biggest share of the pie it is looking to kill competition by unfair means.
A group of lobbyists joined ranks to defeat the South Dakota Senate Bill SB 95 which was framed to allow the sale of CBD products in the state where medical marijuana still does not have legal approval. The group ensured that the bill would only allow the sale of FDA- approved CBD products. Fortunately the amendment did not pass.
Another instance of unfair trade practises is the case of INSYS therapeutics which donated funds to make sure that marijuana did not gain legal status in Arizona. It views CBD as direct competition to its FDA- approved drugs, which are used to handle nausea and vomiting caused by Chemotherapy. Not only is this drug more expensive than natural CBD oils, but also less effective in managing symptoms as it lacks the advantage of the entourage effect.
A British drug maker GW Pharmaceuticals isolated CBD from cannabis and introduced it in the form of an oral solution under the brand name Epidiolex. It also has patents pending on another 22 conditions like epilepsy, cancer, Alzheimer etc along with methods of extraction. This essentially means that it will drive away all small-scale CBD operators from the market over time.
In another surprising setback, the state of Ohio ruled that the sale of CBD oils through retail channels is now illegal, though medical marijuana is legally approved in the state. It now allows only government-run dispensaries to stock and sell CBD oils ensuring that competition is done away with and competitive pricing becomes a thing of the past.
All is lost?
There is still hope as an increasing number of people are now looking for alternatives to traditional medicines and are inclined towards natural and reliable plant-based solutions for their illnesses. Consumers today are more informed and better equipped with information than before so fear-mongering about CBD and marijuana is unlikely to succeed.
Let’s hope that the pharmaceutical industries ploy to take over a natural product and create its synthetic version in the lab, depriving it of its natural benefits, and still it calling it safe and an improvement over existing products falls through sooner rather than later.
Leafywell’s CBD products are highly effective and made in USA, and have been helping thousands of patients located all across the U.S.