FDA lagging in oversight of CBD industry

|About: Aurora Cannabis Inc. (ACB)|By:, SA News Editor

STATnews reports that the rapidly growing cannabidiol (CBD) industry, expected to balloon to over $1.3B in three years, is creating headaches for lawmakers and the FDA.

CBD dietary supplements, widely available on the internet, are technically illegal in the U.S. since CBD has already been approved as a drug (GW Pharma's (GWPH -0.6%) Epidiolex) and is being investigated in a range of clinical trials as a drug. Current law says any substance being studied as a medicine cannot be used in dietary supplements.

To date, the FDA has taken a more-or-less hands-off stance related to CBD, choosing to police only the worst actors who make specific medical claims with their products, like curing cancer. The agency recently sent warning letters to three CBD manufacturers, Nutra Pure, Advanced Spine and Pain and PotNetwork Holdings, over such unsubstantiated claims.

Several months ago, former FDA Commissioner Scott Gottlieb, M.D. said it could take more than three years for the agency to clarify its policies related to CBD regulation. In the meantime, the wild west nature of the business will continue almost unabated.

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Selected tickers: Village Farms International (VFF -1.2%), HempAmericana (OTCPK:HMPQ -11.6%), Apotheca Biosciences (OTCPK:CBDC -11.2%), Ovation Science (OTCPK:OVATF), Sorrento Therapeutics (SRNE -1.3%), Chemesis International (OTCQB:CADMF -3.7%), Walgreens Boots Alliance (WBA +1%), Kalytera Therapeutics (OTCQB:KALTF +14.5%), CURE Pharmaceuticals (OTCQB:CURR +1.5%); Cronos Group (CRON +0.2%), Canopy Growth (CGC -0.1%), Aurora Cannabis (ACB +1.2%), Tilray (TLRY +0.9%), Innovus Pharmaceuticals (OTCQB:INNV -0.4%)

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