With about 6 percent of the market, Davie, Florida-based Green Roads is the largest private company specializing in hemp-derived CBD, according to Brightfield. The company sells CBD-infused products such as tinctures and balms, online and in 6,000 stores and 2,000 doctors' offices. Green Roads now has about 100 employees, and co-founder Arby Barroso estimates 2018 revenue at $45 million.
Federal law first loosened in 2004 when the Hemp Industries Association challenged the Drug Enforcement Agency (DEA) on a proposed rule that would have prohibited the import of hemp seed and oils for processing and manufacturing in the U.S. The Ninth Circuit Court of Appeals struck down the DEA rule, allowing manufacturers to continue importing hemp for the creation of finished products like hemp-based foods, beverages and topicals. Although the decision allowed many product manufacturers to continue operating their businesses, the domestic cultivation and harvest of hemp remained prohibited. It wouldn't be the last time the Hemp Industries Association pushed back against the DEA.
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The heat is very much on CBD oil sellers these days as the FDA continues to crack down on companies selling “questionable” (to put it nicely) hemp-based products. In fact, since 2015 – when the FDA first issued warning letters to multiple CBD sellers – the industry has been forced to clean up its act, at least in terms of manufacturing operations and brand transparency.