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CBD Legislation clears major hurdle in California Legislature
LAS VEGAS, May 22, 2019 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products through its industry-dominating brand, PlusCBD Oil™, announces its full support of the California Assembly’s Appropriations Committee’s unanimous passing of Assembly Bill 228 last week.
Authored by Assemblymember Cecilia Aguiar-Curry (D-Winters), Assembly Bill 228 would expressly permit the retail sale of hemp-derived CBD in foods and supplements, and also in topical applications. The legislation now heads to the full Assembly for approval this week.
“The unanimous vote last week reflects broad support to clarify the law and allow Californians to continue to have access to and experience benefits from quality hemp-derived CBD products,” notes Joseph Dowling, Chief Executive Officer of CV Sciences.”
The call for clarification with this bill comes in the wake of local and state regulatory agencies’ allegations that hemp-derived CBD products are prohibited by law from being sold in the state. The passage of AB 228 would redress the pronouncement, which has negatively impacted legal commerce in popular products that promote health and wellness among California citizens, making clear that hemp products are legal for retail sale.
Continued Dowling, “The hemp industry is rapidly growing into a very important part of California’s economy. Governor Newsom is a true forward-thinker who championed cannabis legalization in California and we truly look forward to working with his Administration to allow the hemp industry to continue to prosper. The federal government continues to remove the barriers for legal use of hemp-derived products, and we are pleased that the California Legislature is also moving in that direction with this vote.”
At the federal level, the Food and Drug Administration (FDA) has initiated a process to clarify regulation of cannabis-derived ingredients. On May 31, 2019, FDA is hosting a public meeting to gather information from stakeholders on cannabis-derived products. FDA will use information from the May meeting to help clarify the type and scope of hemp-derived ingredients that can be sold in dietary supplements, food, and cosmetics. “We are eager to work with FDA to establish an appropriate, efficient, and predictable regulatory framework that allows a pathway for product developers to lawfully market various types of hemp-derived products,” said Douglas Mackay, CV Sciences’ Senior Vice President of Scientific and Regulatory Affairs, who is scheduled to speak at the FDA meeting next week.
CV Sciences is an active supporter of hemp regulations. “We supported passing the 2018 Farm Bill that removed hemp from the Controlled Substance Act and now we are actively engaged in the FDA rule-making process. Our support of AB 228 is yet another reflection of the leadership position we have taken on preserving consumer access to safe and high quality hemp-derived CBD,” says Dowling.
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics utilizing CBD. The Company’s PlusCBD Oil™ is the top-selling brand of hemp-derived CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.
Scott Van Winkle