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Hemp-derived cannabidiol, or CBD. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

Big companies are taking a step back from developing food and drink products made with CBD, after the Food and Drug Administration raised safety concerns, the Wall Street Journal reports.

By the numbers: CBD-infused foods and beverages surpassed $1 billion in revenue in 2019 even without FDA approval, according to the Journal, and revenue is projected to reach $10 billion by 2024.

But smaller players will get a leg up in that market, at least for a while.

  • Companies like Pepsi, Starbucks and Kellogg had been considering hemp-derived products, but are now at a standstill until the FDA signs off, the WSJ writes, citing food scientists and consultants familiar with the matter.

Flashback: In November, the Food and Drug Administration warned consumers against CBD-infused foods and beverages, saying research isn't quite there yet to conclude it's safe to ingest or that it's a good anxiety or sleep aid.

  • CBD does not get you high, unlike marijuana's psychoactive component THC. FDA cites potential risks associated with its consumption, though, like liver damage.

Go deeper: Mainstream retail's move into CBD could create $24 billion industry

Go deeper

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Hospital crisis deepens as holiday season nears.
  2. Vaccine: Moderna to file for FDA emergency use authorization โ€” Vaccinating rural America won't be easy โ€” Being last in the vaccine queue is young people's next big COVID test.
  3. Politics: Bipartisan group of senators seeks stimulus deal โ€” Chuck Grassley returns to Senate after recovering from COVID-19.
  4. Economy: Wall Street wonders how bad economy has to get for Congress to act.
  5. ๐ŸŽง Podcast: The state of play of the top vaccines.
Alayna Treene, author ofย Sneak Peek
2 hours ago - Politics & Policy

Bipartisan group of senators seeks coronavirus stimulus deal

Sens. Joe Manchin (D-W.V.) and Susan Collins (R-Maine). Photo: Drew Angerer/Getty Images

At least eight Republican and Democratic senators have formed an informal working group aimed at securing new coronavirus spending during the lame-duck session, a move favored by President-elect Biden, two sources familiar with the group tell Axios.

Why it matters: It may be the most significant bipartisan step toward COVID relief in months.

FCC chairman to depart in January

FCC Chairman Ajit Pai. Photo: Alex Wong/Getty Images

Ajit Pai will leave his post as chairman of the Federal Communications Commission on Jan. 20, the agency said today.

Why it matters: Pai's Inauguration Day departure is in keeping with agency tradition, and could set up the Biden administration with a 2-1 Democratic majority at the FCC if the Senate fails to confirm another Trump nominee during the lame-duck period.