CBD Legislation clears major hurdle in
LAS VEGAS, May 22, 2019 (GLOBE NEWSWIRE) --
Inc. (CVSI) (the âCompanyâ,
ââ, âourâ, âusâ or âweâ), a preeminent supplier and manufacturer of
hemp cannabidiol (CBD) products through its industry-dominating
brand, PlusCBD Oilâ¢, announces
its full support of the California Assemblyâs Appropriations
Committeeâs 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.
âThe 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,â notes Joseph Dowling, Chief Executive Officer of CV
The call for clarification with this bill comes
in the wake of local and state regulatory agenciesâ 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
Continued Dowling, âThe hemp industry is rapidly
growing into a very important part of Californiaâs 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
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. âWe 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,â said Douglas Mackay, CV Sciencesâ
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. âWe 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,â says Dowling.
About CV Sciences, Inc.
CV Sciences, Inc.
(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
Companyâs PlusCBD Oilâ¢ 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