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CVS Starts to Sell CBD Curaleaf Company Gets Major Boost

CVS Starts to Sell CBD Curaleaf Company Gets Major Boost

Article Highlights

  • CVS Starts selling CBD products in 8 stores across USA
  • Walgreens Starts selling CBD in Oregon, Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois and Indiana.
  • Head of the Food and Drug Administration (FDA) Scott Gottlieb says FDA is taking  a “risk-based approach” to enforcing CBD regulations while it  looks for different pathways that would allow for its lawful marketing.

CVS and Walgreens will sell CBD creams patches and sprays in multiple states this month. This has created some big news for companies like Curaleafs who stock has gone up 17% from this news.

This is also a milestone for the CBD industry as this is the first of the national chains to start carrying CBD products. Why did CVS make this move CVS CEO Larry Merlo says “Anecdotally, we’ve heard from our customers that have used those products that, gee, it’s helped with pain relief for arthritis and other ailments,”

However, it’s still unlawful under the FDA’s regulations to add CBD to food and beverage products because the compound is an active ingredient in a pharmaceutical , Epidiolex.“So we’re gonna walk slowly, but we think this is something that customers are going to be looking for as part of the health offering,” Merlo said Thursday

The head of the food and drug association (FDA) Scott Gottlieb was quationed heavily by Reps. Barbara Lee (D-CA) and Andy Harris (R-MD) before a House appropriations subcommittee last week, about the Marketing and sale of CBD based goods in stores, Especially food additives. Dr. Harris is asking for stricter regulation on CBD products mentioning the only approved use and studied usage is for the child seizures medication, Epidiolex; and that now people are able to buy “untested” products with the same dosage for 40% of the price of the pharmaceticule.

Scott Gottlieb gave somewhat of a wining statement for the CBD industry as he said the FDA can not “boil the ocean” and that it is taking a “risk-based approach” to enforcing current CBD regulations while it continues to pursue alternative pathways that would allow for its lawful marketing.

Scott Gottlieb noted that that Congress intended to continue to allow the marketing of CBD products, and FDA is responsible for regulating it, and because it exists as an approved drug and hasn’t been previously introduced to the food supply, the agency has to create a specialized  regulatory process that will take years to completely set up.

All this has definitely benefited the companies like Curaleaf who according to Bloomberg stocks went up 17% on the news of CVS carrying their brand which is great news for Curaleaf as their stock has already gone up 41% this year and the company is at a market value of 2.6 billion

“We’ve been having dialogue with national retailers for many months now,” Curaleaf Chief Executive Officer Joseph Lusardi said on the call Wednesday. “We’ve got a number of potentially exciting partnerships in the pipeline.”

 

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Sources and Credits:

www.marijuanamoment.net/fda-chief-explains-agencys-risk-based-approach-to-cbd-enforcement/

www.cnbc.com/2019/03/21/cvs-starts-selling-cbd-products-in-some-states-after-hearing-from-customers.html

www.cnbc.com/2019/03/27/walgreens-to-sell-cbd-products-in-some-stores.html

bloomberg.com/news/articles/2019-03-20/cvs-joins-cannabis-derived-wellness-trend-selling-cbd-products

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