The hemp industry has seen tremendous growth since the Farm Bill was signed into law in 2018.

U.S. Rep. Anthony Brindisi is co-sponsoring a bill that would direct the FDA to regulate CBD as dietary supplements.

What You Need To Know

  • The FDA would be directed to regulate CBD as a dietary suppliment 

  • The hemp industry could expand sales nationwide

  • Sellers have seen 75 percent drop in price

But years later, some feel they've already hit their ceiling.

While CBD is regulated statewide, uncertainties on the national level have left them with a 75 percent drop in prices since early 2019. 

"Right now, there's a ceiling in the hemp industry and until we do that, we can't access foreign markets without classifying as a dietary supplement, we can’t get it into this nationwide product and on the shelves of every nationwide big box retailer until this bill goes through," said Kaelan Castetter, CEO of Castetter Sustainability Group.

Those in the hemp industry hope a new House bill could be the answer.

First, it would direct the FDA to regulate CBD products as dietary supplements.

That would allow growers and producers to sell their products beyond New York.

"What it does, is Congress says to the FDA, you need to get your act together, you need to regulate CBD as a dietary supplement and it's the same way New York state and Assemblywoman Lupardo has already done and put into law," said Castetter.

Secondly, the bill puts in nationalized standards for CBD, which would ensure products are safe and legitimate.

"What happens is you have legitimate operators sitting on the shelf for more money than the illegitimate operators, and illegitimate brands and it's hurting the entire industry," said Castetter.

The state recently moved to regulate CBD.

As it stands, the FDA has no regulations on CBD.

Hemp leaders believe this has made some shy away from the product.

"You might have a consumer that comes in and it doesn't work for them, or maybe it gets them sick and now they are not a consumer of CBD for life and now they tell all their friends and family it doesn’t work for me or it isn't a good product," said Castetter.

The bill still has a way to go, but so far, it's received bipartisan support.