DEA’s reclassification of CBD is a big step for the industry
A major hurdle for the cannabis industry is the classification of marijuana products by the US Drug Enforcement Agency (DEA). However, with the emergence of new age cannabidiol (CBD) -based drugs like Epidiolex from GW Pharmaceuticals, the DEA has begun taking steps towards shedding a new light on marijuana and other related products. This could be the much-needed push the industry needed all along.
Cannabinoid research company ebbu is one of the companies that could benefit from the DEA’s new stand on cannabis drugs. ebbu CEO and founder Jonathan Cooper says to Proactive Investors that “by rescheduling this FDA-approved CBD medicine, the DEA is confirming there are legitimate medical properties to this cannabinoid.”
What this could mean for the CBD industry
Cooper adds that the DEA’s announcement will also open up the industry for more research opportunities that will look into the other compounds found in cannabis. Companies will be encouraged to create more CBD drugs that which will address the needs of many individuals including cancer and epilepsy patients.
Interested entrepreneurs who want to try out their hand in the cannabis industry have a lot to worry about because of state laws. If they see government agencies lightening the restrictions on CBD, they will be encouraged to participate even more.
What the DEA did exactly was to remove some form of CBD from the list-controlled substances under Schedule 1. Finished dosage formulations of CBD medications that have less than 0.1 percent tetrahydrocannabinol (THC) will now be considered as Schedule 5 drugs. CBD products under this classification are considered as substances that have lower potential abuse than Schedule 4 drugs.
For the first time, the DEA is finally acknowledging the potential health benefits that come with CBD. Various studies have revealed that CBD soothes pain and inflammation while others suggest that it helps cancer patients cope with chemotherapy. However, most studies are now focused on uncovering how it can treat epilepsy says WebMD. Some studies are also looking into its potential for treating Alzheimer’s Parkinson’s and more.
CBD companies ready for better change
The CBD industry is already booming on its own with companies like PotNetwork Holdings, Inc. (TCMKTS:POTN) and its distributor and subsidiary Diamond CBD, Inc . at the helm. POTN is the leader when it comes to the research and development of CBD while Diamond CBD guarantees that the quality products coming out of POTN’s doors are easily accessible.
Diamond CBD was able to make over US$12 million (AU$16.95 million) during the first half of the year. Other than that, the company was a clear standout in trade shows like the premier ASD Market Week. As the support for CBD continues to rally, companies like POTN and Diamond CBD are expected to grow even further.
IBT Australia does not endorse any product or practice mentioned here. The article is based on press releases sent for consideration.
