This fall, the Canadian Government will implement a plan to stimulate the economy and create jobs for Canadians. This plan will look to mitigate the most severe consequences of the economic shut-down, such as losses within the retail sector and the surge in unemployment amongst women and will play a pivotal role in determining the success of our collective effort to pull the country out of the recession. Right now, the Government should be looking for smart, targeted regulatory changes that come at a small cost and with a significant impact. This is why, in a post-pandemic environment, we can no longer ignore the economic opportunity presented by a cannabidiol (CBD) health product market.A new report from the Institute of Fiscal Studies and Democracy (IFSD) indicates that a market for CBD health products could contribute billions to the Canadian economy and generate thousands of jobs for Canadians across the country. It could create a niche market in Canada, benefitting a range of industries, including the retail sector. Clearly, the report predicts a promising market for CBD health products. This is the economic opportunity Canada needs, but is set to lose if we don't move quickly to regulate the ingredient differently.When the Government legalized cannabis in 2018, they lacked the foresight that many Canadians would be interested in using CBD alone as a health product, rather than a recreational drug. They created a distinct recreational cannabis market in addition to the pre-existing access scheme for medical purposes, leaving no legal means to bring non-prescription CBD health products to the Canadian marketplace.CBD is a non-intoxicating cannabis compound that is revered for its promising therapeutic properties. A growing number of Canadians are interested in using CBD to support their wellbeing, but with no legal pathway to bring CBD health products to the Canadian marketplace, consumers often turn to recreational or unregulated products online to access CBD. This is a market that could, instead, be fulfilled by Canadian businesses. Canada has a pre-market review system for natural health products (NHPs) that would easily allow for the development of CBD health products with safety, efficacy and quality oversight.Other jurisdictions, such as the United Kingdom and Australia, have moved towards regulatory frameworks that will give consumers better access to CBD products. To date, our government has acknowledged the consumer demand for CBD, but is slow to create a market for these products due to a lack of safety and efficacy data. But we are not in the same policy, health or decision-making environment we were a short six months ago. The longer we wait, the more likely we are to lose our first-mover advantage to the growing CBD health product market.Canada needs to capitalize on opportunities like this now to support economic recovery, be well-positioned for new export markets when they open and to create jobs and opportunities for sectors across the country. The Institute's estimates showed that in the first year following a change in regulation, the market for CBD products could be approximately $1.88 billion, and would be expected to grow at an average annual rate of 6.9% each year, reaching $2.45 billion by the fifth year.A market for CBD health products would be expected to generate $917 million in labour income - $501 million directly, and $416 million through induced impacts on the economy and industries along the supply chain. This could generate approximately 9,638 direct full-time equivalent positions (FTEs) and an additional 5917 FTEs through indirect and induced impacts, totalling 15,550 FTEs. Finally, based on their forecast of the size of the CBD market over the next five years, the Institute projected that the CBD market could raise real GDP by $2.1 billion and generate 20,255 more FTE jobs by 2023.In today's environment, and with the release of these new findings, a lack of safety and efficacy data is not enough of a reason to exclude Canadian businesses from this opportunity. Regulating CBD as an ingredient in NHPs would incentivise research into a suitable dose, contraindications and therapeutic properties. Regulations for NHPs apply appropriate oversight and assurances to Canadians that these products are safe, effective when used as described and are made to meet a high-quality standard. All NHPs must be approved by Health Canada before they are allowed to be legally sold in Canada.Allowing businesses to capitalize on the demand for CBD products would enable the growth of an innovative and globally competitive Canadian industry and should be a top priority for our government coming out of the pandemic. It would spark investments in research to support health claims and it would also inspire greater innovation, creation of intellectual property and collaboration between cannabis, hemp and NHP industries. Finally, it would give consumers access to safe products from Canadian companies that they can have confidence in. The benefits of a new market for CBD health products are clear, and with regulatory reform, this is a chance to give Canadian businesses an opportunity they desperately need this year.Dan Demers, VP Government Relations and Regulatory Affairs, Canadian Health Food Association (CHFA)