The one obstacle to overcome with CBD and its perceived greatness is the U.S. Food and Drug Administration (FDA). This past Monday, the regulatory agency displayed its true stance on CBD. Back On July 22, the FDA issued a warning document to Joseph Lusardi the CEO of the marijuana stock company Curaleaf Holdings (CURLF). The document stated that the company’s CBD products were “misbranded drugs”. As well as the CBD products being distributed in violation of the Federal Food, Drug, and Cosmetic Act. The FDA also waved its Bido CBD products for pets as being unapproved and unstable.
The FDA Shows Its Stance On CBD
More particularly, the FDA stated that the marijuana stock Curaleaf is “illegally selling unapproved products containing cannabidiol (CBD) online with unsubstantiated claims that the products treat cancer, Alzheimer’s disease, opioid withdrawal, pain, and pet anxiety, among other conditions or diseases.”
As a result of this warning, Joseph Lusardi will need to correct these deficiencies within 15 days. As on now, Curaleaf lost its topical partnership with pharmacy giant CVS Health (NYSE: CVS). CVS Health previously announced that it would carry the cannabis stock company’s topical products in about 800 of its stores in eight states. CBD products are expected to be a means for low-margin pharmacy chains to drum up foot traffic to their stores. It’s unclear if CVS will look elsewhere for its CBD supplies. Now with Walgreens Boots Alliance and Rite Aid following suit with cannabis products in their own stores shortly after CVS. Curaleaf is becoming the first multistate CBD provider to draw the ire of the FDA. It is clear that the FDA, is currently reviewing CBD and has promised to expedite a report detailing its progress.
Marijuana Stocks and CBD
Let’s not forget that even though marijuana stock company GW Pharmaceutical got FDA approval for its CBD-based product Epidiolex back in June 2018 for the treatment of two rare forms of childhood-onset epilepsy, these two signs are the only ailments the FDA considers to be benefiting from cannabis and its cannabinoids, period. Even with many positive university-level studies, the FDA does not see cannabis or CBD as being medically holding value.
And take note of what acting FDA chief information officer, Dr. Amy Abernethy, had to say in tweets just two weeks ago. While noting the need for the FDA to expedite its review process given the proliferation of CBD in various derivative products, she notes the “need to balance safety,” and points out that the agency will merely be highlighting its progress, not necessarily making any conclusive findings or laying out CBD regulations as they pertain to food, beverages, and dietary supplements.
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