The legalization of medical marijuana in the United States was perhaps the first step towards making marijuana regulated and mainstream. However, the lobbying efforts for countrywide legalization continue. That being said, the industry got a massive boost after the United States Food and Drug Administration made efforts to speed up the process of creating the framework for the usage of CBD.
Key Marijuana Stock Movers
That being said, many companies are selling products that are made with CBD and the FDA has allowed that to continue as long as those companies did not make over the top claims as to the health benefits of the substance in question. Among the different pot stocks in the industry Canopy Growth (CGC), is known to be one of the biggest marijuana stock company’s in the cannabis stocks market. However, the gains were not restricted to only the biggest stocks.
Companies like Tilray (TLRY) and Valens gained by 2.03% and 1% respectively as the entire sector got fired up by this piece of news. In this regard, it is important to note that the industry is still at its nascent stages and CBD remains one of the biggest hopes with regards to generating exponential growth. If the FDA does eventually approve it, then CBD products would be far more widely available and could lead to the creation of enormous value in many of the leading marijuana stocks.
The Marijuana Industry Got Special Attention
The arguments in favor of CBD are compelling. It does not have a psychoactive effect and is well known for helping people deal with anxiety, pain, and inflammation among others. The Chief Information Officer of the FDA, Amy Abernathy took to Twitter and sent out multiple tweets, in which she reiterated that the agency is ‘expediting its work’ in order to address the CBD issue.
Considering the fact that CBD is all set to become one of the biggest industries in the years to come, many of the leading cannabis companies want to have some regulatory clarity from the FDA regarding its stand on the substance.
Hence, this particular update from the FDA Chief Information Officer has come as welcome relief for companies as well as investors and many of the cannabis stocks soared significantly on the back of the news. In this regard, it is important to note that generally clinical trials can take a few years to be completed but in the case of CBD the process could be different. The Commissioner of the FDA Scott Gottlieb has however stated that since CBD is administered in products in very small amounts, the whole process could be considerably quicker.
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