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CBD is short for cannabidiol, and is one of more than 100 cannabinoids compounds natually occuring in cannabis and hemp plants. On its own without tetrahydrocannabinol (THC), CBD does not have a psychoactive affect. CBD is a popular choice for people who want to consume a cannabinoid without getting "stoned." There are no approved FDA uses of hemp CBD.
Hemp and cannabis are varieties of same plant family, with a genus and species name of Cannabis Sativa. While cannabis typically has high amounts of THC and some CBD, hemp has little THC and is rich in CBD.