30 Jul ValidCare Launches First Adverse Event and Safety Reporting Application for CBD Products
CBD market is expected to grow to $22 billion by 20221 with products claiming to address a wide range of serious health concerns and no ability to track adverse events in a “let the buyer beware” environment.
Centennial, Colo. – July 30, 2019 – The CBD product market is fast growing with a 49-percent compound annual rate2 an increasing number of major retailers offering easy access to a wide range of products for an even wider range of health consumers. In this “let the buyer beware” environment, ValidCare, the industry’s market intelligence leader, today announced the availability of new functionality for consumers to report on adverse events related to cannabis-derived products to help bring visibility to product issues.
ValidCare’s new free service allows consumers to submit adverse event reports via the recently announced CBD+me™ platform. The app makes reporting easy and streamlined for consumers who have first-hand experience with these products. ValidCare then shares this information with the U.S. Food and Drug Administration (FDA) as well as with product suppliers who participate in the ValidCare customer experience platform. Data collected and submitted by ValidCare’s service mirrors that typically collected by the FDA’s MedWatch reporting system, traditionally used for reporting adverse events and safety issues for human food and medical products.
“Elevating issues around product safety and standards is paramount to our goal of establishing credibility as an industry. CBD consumers need an easy, safe, and trusted path to submit adverse event and safety issues to the FDA and suppliers,” said Patrick McCarthy, CEO, ValidCare. “While the FDA actively evaluates how to regulate products containing CBD and other cannabis-derived compounds, the path for consumer reporting is often challenging and unclear. We are in a unique position to make communication easier and help industry and regulators protect the consumer in what so far has been considered a ‘wild west’ marketplace.”
According to Chris Stubbs, co-founder and Chief Science Officer of industry-leading supplier GenCanna Global, “Consumers have never had more awareness and interest in cannabis. Now more than ever consumers understand the potential of cannabis-based products. Yet, there are still far too many companies acting irresponsibly, building businesses on the back of widespread interest in the category, but ultimately not crafting products that result in positive consumer outcomes. When consumers buy our products, they are inviting us into their homes, their bodies and their minds. We take that responsibility incredibly seriously and are happy to stand with ValidCare in ensuring that companies in our industry hold themselves to the same standard.”
ValidCare acts as a neutral, trusted, third party to consumers, regulators, researchers, and the cannabis-derived product industry. Among the company’s core business offerings, ValidCare collects experiential data from consumers to better understand preferences, uses, and outcomes, based on real-world experiences. Product companies, researchers, care providers, and regulators access these consumer insights through membership in ValidCare’s global community.
The CBD+me app with Adverse Events Reporting is available today and can be downloaded at app stores or cbdplusmeapp.com.
- Brightfield Group, 2019 U.S. CBD Market Report
- BDS Analytics, State of the Legal Cannabis Markets (June 20, 2019)
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ValidCare, LLC is the market intelligence platform for the cannabis-derived product industry, powered by real-time consumer experiences. Through the ValidCare community, participants including consumers, product suppliers, researchers, and providers, come together to study, educate, measure and document the consumer experience using canna-based products. ValidCare’s proprietary app (CBD+me™) supports ongoing two-way communication, combining self-reported consumer data with advanced machine learning to deliver aggregated insights that help improve product quality, consistency, effectiveness, and the adoption of industry standards.
For more information, visit www.validcare.com or call 844-825-4322.