CannaBiz Now!

Historic Cannabis News: FDA Hears Testimony on CBD and Illinois Legalizes Adult-Use

May was a massacre for the broader markets and marijuana stocks.

And the month closed with some of the most newsworthy days in recent memory.

It was historic!

Illinois became the 11th state to legalize adult-use marijuana.

It accomplished this by going a route only one other state has taken: It introduced one of the most progressive – and possibly costly – cannabis sales tax programs in the country.

Illinois adds to the potential for pot stock investors by opening up a more than $2 billion market.

But that wasn’t the only historic event to close out May.

Interest in CBD is exploding.

We can see it in Google search trends…

Line graph - CBD vs THC: Google Search Trends

On top of that, the CBD market is expected to grow at a faster pace than both the adult-use and medical cannabis markets.

But because of this newfound public interest, CBD was drawing scrutiny from the federal government.

For months, as CBD’s popularity boomed and companies rolled out one product after another, I said the Food and Drug Administration was bound to step in.

And it did.

To close out May, the agency held its first public hearing on regulating CBD products.

For investors, the hearing sent pot stocks into a tailspin.

But it isn’t the end of the road.

In today’s episode, I talk with the National Cannabis Industry Association’s Morgan Fox about both of these historic moments.

He shares his insights about the good and the bad of these major marijuana milestones and lets investors know what they should expect going forward.

There’s a lot at stake, not just for the adult-use cannabis market, but for CBD as well.

Here’s to high returns,

Matthew