Former NBA player Al Harrington has gotten into the CBD industry by founding his company, Viola. He founded the company in 2011, and the industry continues to grow exponentially, with Forbes estimating its potential worth at $20 billion by 2024.Â
As a member of the CBD industry, Harrington is well aware regulation is the way forward. Regulation of the CBD industry will give it legitimacy and a strong foundation to build upon. It will inspire confidence in both potential investors and entrepreneurs looking to get a foothold in the industry.Â
Mr. Harrington has spoken about the fact that due to lax manufacture and production regulations within the CBD industry, consumers oannot always be certain how much of an ingredient will be in their products, or what quality it will be. Quality and safety protocols differ widely from provider to provider.
Industry-wide regulations would put a stop to this uncertainty. When we talk about regulations, what exactly would that mean? Some ways industrial regulation can be implemented include:
- Standardized ingredients
- Standardized manufacturing processes
- Standardized dosages
- More testing for proof of efficacy
Regulations themselves can cause anxiety in potential business owners. They can see endless red tape, stifled creativity and expression, standards that they may be able to reach or maintain, and too much outside interference.Â
The truth is that properly implemented regulations are good for both businesses and consumers. Consumers will be protected and able to trust the products they receive. They will know any risks associated with the products due to diligent testing.
Business owners will skip years worth of trial and error. They will be able to jump in knowing how to make, provide, and deliver the highest-quality products they can. Despite the backlash, the government can and does help small businesses get off the ground, as well. This leaves the option for entrepreneurship open to many more people than would be able to access it without help and guidance.
Al Harrington’s road to entrepreneurship was catalyzed and inspired by his grandmother. He saw her struggling with both diabetes and glaucoma (excess intraocular pressure). She utilized CBD products and experienced relief from her symptoms.
While he does acknowledge that CBD products might not work for every individual, seeing the relief for his grandmother caused Harrington to want to find a way to help others in the same way. Viola was born.
Mr. Harrington’s business model has always been about helping others. That’s why he stands behind the importance of regulating the industry. He wants to deliver a product that may be able to provide relief and comfort.
If the products are not made in a standardized, structured way, the efficacy and safety of the products are undermined. The quality of the products would also be varied from batch to batch if there were no set, replicable manufacturing methods to use.
Regulating the CBD industry is not a competition. Both business owners and consumers can come out on top.
