FDA Goes After CBD Company Curaleaf
In case there was any doubt, the Food and Drug Administration is making it crystal clear that it views CBD as a sham drug with no medical benefits.
The FDA just brought the hammer down on Curaleaf Holdings, which makes a number of CBD products for people and pets. In a letter to CEO Joseph Lusardi, the FDA accused the company of marketing “misbranded drugs.”
Curaleaf is “illegally selling unapproved products containing cannabidiol (CBD) online with unsubstantiated claims that the products treat cancer, Alzheimer's disease, opioid withdrawal, pain and pet anxiety, among other conditions or diseases,” the agency said. It gave the company 15 days to comply.
The company has now lost its partnership with CVS, which had planned to carry its products in 800 stores.
“With Curaleaf becoming the first multistate CBD provider to draw the ire of the FDA, it's crystal clear that the agency, which is currently reviewing CBD and has recently promised to expedite a report detailing its progress by either late summer or early fall, has little understanding of its benefit-versus-risk profile,” writes The Motley Fool’s Sean Williams.
Hoping the FDA will soon change its tune on CBD? Maybe. Just don’t hold your breath.