Earlier this week, Cannabis stocks dropped, as investors took in the first reports that were announced at Friday's administrative hearing on cannabis and its ingredients, including the news that surrounds Illinois legalizing weed for recreational use.
According to the new reports conducted by The U.S. Food and Drug Administration, which covered the hearing regarding cannabis and its nonintoxicating ingredients CBD with more than 100 keynote speakers offering their insight, from researchers, health professionals, advocates, manufacturers, and opponents.
The hearing was set following the hemp legalization in the 2018 Farm Bill,leading to hemp-based products to be sold online and in store, including smaller stores and chains. However, CBD, which is said to hold medical benefits, directed at the pain, and anxiety was not included in the Farm bill, deeming it still federally illegal. Instead, CBD was put onto the FDA's regulatory purview list. This was solely due to the main ingredient in the only cannabis-based drug to obtain FDA approval, GW Pharmaceuticals PLC's GWPH, +0.01% Epidiolex, a treatment for severe forms of childhood epilepsy.
Since the legalization, the FDA has warned major companies that because CBD is still viewed as a drug, it can not be added to any food, beverages or marketed as a dietary supplement in interstate commerce, However, the agency said due to the substantial public interest on the wellness of CBD, it will push to approval.
Another hot Topic surrounding Friday's meeting, was the underscored need for quality testing and safety measure, due to most of the CBD currently available to the public is mislabeled or incorrectly made. Most of these labels have incorrect amounts of CBD or even THC, even the impurities such as pesticides and bacteria. The CICBC is hoping to have more clarity from the FDA this coming year.
Another essential thing to remember is that Illinois marijuana sales have the potential to reach $2.9 billion in five years, noted Grey.
"We believe the passing of adult-use retail sales in Illinois could serve as a catalyst for other states evaluating similar bills to follow suit and also put further pressure to address the disconnect between state and federal law as 29% of the U.S. population will now live in a state where adult use cannabis is legal (with nearly 70% living in a state where medical cannabis is legal)," he wrote in a email earlier this week.
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