After the hearing of FDA reports over standardization Cannabis’ preparation, the stock prices hit a low. According to the regulatory standards, which was done on Friday, and its ingredients, the possibility as high.
After the news of legalizing weed in Illinois for recreational use, the U.S. Food and Drug Administration conducted its first-ever hearing on cannabis and CBD, its nonintoxicating ingredient. The hearing saw more than 100 speakers on the topic. The speakers included various researchers, advocates, manufacturers, opponents, and health professionals.
This hearing was conducted for the first time after hemp became legal in 2018 with the passing of Farm Bill. Furthermore, with this bill being passed, a lot of hemp-based products are being sold online and offline, even mom and pop stores.
Although the medicinal properties CBD are known and its wellness properties are no secret, the product was not put away from FDA purview. The FDA has reviewed the ingredient and has given its views. According to the FDA, it views it as a drug and it should not be marketed inter-state or in food and beverages.
This recent hearing highlighted the sorry state of the industry and the lack of standardization in the same. The industry does not have a lot of room for standardization, there are safety concerns and the evidence of benefits are minimal.
The FDA says that inconsistent messages, outlandish claims and lack of evidence probes a look into the industry. It also raises various concerns about safety and potential safety concerns. However, the FDA simply wants to ensure that the safety concerns are adhered to. Furthermore, it also wants the product should be subjected to clinical research as well.
Many of the speakers on Friday underlined the requirement of keeping prices, quality, and the content of CBD in the product. FDA’s reply on this matter is awaited.