CBD Product Safety and Standardization Act of 2021 This bill requires the Food and Drug Administration (FDA) to regulate food containing cannabidiol (CBD) derived from hemp as a food additive. (The FDA has determined that food containing added CBD cannot be sold in interstate commerce.) Under this bill, in order to be sold, a food containing CBD derived from hemp must conform with current FDA requirements pertaining to food additives or be generally recognized as safe (GRAS). (Under current law, a food additive with the GRAS designation is not subject to FDA premarket review and approval requirements.) In addition, such a food must comply with all other relevant FDA and labeling requirements. Such a food shall be exempt from an existing provision that prohibits the sale of a food containing an additive that is (1) an FDA-approved drug or biological product, or (2) subject to certain clinical investigations. The FDA must issue regulations pertaining to such foods that specify (1) the maximum amount of CBD derived from hemp per serving, (2) labeling and packaging requirements, and (3) any conditions for intended use.