CVS Health (CVS) said it would pull some products made by U.S. cannabis producer Curaleaf (CURLF) after the marijuana and hemp company received a warning letter from the Food and Drug Administration that said several of its hemp-based CBD products are “unapproved new drugs” that ran afoul of regulations.
The warning from the FDA and CVS’ decision arrived a little more than four months after Curaleaf said it would begin selling its hemp products in around 800 CVS Health (CVS) stores. That news catapulted Curaleaf stock around 31% higher the day after it was announced.
It also spurred hopes that products containing hemp-derived CBD, or cannabidiol, had a bright future in mainstream retail following legalization following the signature of the 2018 Farm Bill, which legalized hemp.
The FDA addressed the letter, dated Monday, to CEO Joseph Lusardi. It said Curaleaf had 15 days to notify the agency of steps it had taken to correct the violations.
In the letter, the agency flagged such products as Curaleaf’s CBD lotions, pain-relief patches, tinctures and vape pens. The FDA said those products were “misbranded drugs” that were being sold in violation of the Federal Food, Drug, and Cosmetic Act. The agency also said that its Bido CBD for Pets products were unapproved and unsafe. [Read More @Investor’s Business Daily]
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