The Food and Drug Administration held its first-ever hearing on CBD Friday, and market leaders gave testimony on the state of the industry and what they hope it will look like going forward.
One participant, hemp distributor Elixinol Global Ltd (OTC: ELLXF), aimed to give its recommendations and findings on several topics including labeling and quality control guidelines.
Elixinol's Argument
Prior to the hearing, Elixinol spokesman Chris Husong discussed the company's goals with Benzinga.
"What we also hope is that [the FDA] will make it clear that over-the-counter and pharmaceuticals both have a place in the world, and that everybody will be able to get the quality amount of CBD that they want."
Elixinol products are available in major chain stores including Albertson's and Safeway, and the company is one of many CBD brands expanding into such popular stores, Husong said.
A lack of regulation has led the CBD industry to develop a negative reputation in some circles.
Guidance from the FDA could remedy issues such as lack of information, mislabeled and improperly dosed products, the spokesman said.
"With more guidance and more clarity, it's going to allow us to make sure the good players are able to participate."
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What Happened
The company sent two representatives to Washington, D.C.: Joy Beckerman, a longtime hemp advocate and Elixinol's regulatory officer, and advisor Dr. Philip Blair.
Blair's talking points from the testimony aimed to address concerns about adverse side effects from CBD.
" ... No patient has reported any adverse lab outcomes, but many have reported stunning improvements in X-rays, tumor scans, PSA and liver function," he wrote. "In summary, high-quality CBD has been absolutely safe in all of my patients over five years while providing immeasurable benefits."
What’s Next
The FDA's next steps are unconfirmed. In the days since the hearing, many CBD stocks have declined, including Elixinol.
The stock was down 6.54 percent at $2.64 at the time of publication Tuesday.
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