Health

Experts Urge FDA To Reform Policies On Cannabis-Derived Compounds

Experts and Industry Leaders Urge FDA to Reform Policies on Cannabis-Derived Compounds

Cannabis-Derived Compounds
herbalhemp / Pixabay

National Cannabis Industry Association presents evidence on behalf of broad coalition to address concerns and suggest regulatory guidelines for CBD and other cannabinoids

[REITs]

Q1 hedge fund letters, conference, scoops etc

WASHINGTON, D.C. – The National Cannabis Industry Association (NCIA) presented information today at a public hearing of the U.S. Food & Drug Administration (FDA) on products containing cannabis and cannabis-derived compounds, including cannabidiol (CBD).

NCIA Policy Director Andrew Kline spoke at the hearing and presented extensive written testimony compiled by a coalition of more than 100 CBD/hemp entrepreneurs, scientists, medical professionals, and food and drug lawyers. The coalition addresses medical benefits, health and safety concerns, manufacturing and product quality, and the need for a robust regulatory structure with guidance for product testing, marketing, and labeling. The testimony also discusses the potential economic benefits of a well-regulated CBD and hemp industry, as well as the problems created by a lack of access to financial services in the industry due to federal banking restrictions.

“There is no higher calling in government service than public safety – and we applaud FDA’s efforts to make certain that consumers are safe,” said Kline. “The bottom line is this – an overwhelming preponderance of evidence indicates that cannabis and cannabis-derived compounds present minimal health and safety concerns.”

The 2018 Farm Bill created an exemption in the Controlled Substances Act for hemp-derived CBD which has recently fueled unprecedented expansion in the CBD consumer market, but FDA policy prevents the substance and other cannabinoids from being used as an additive in food and other products under federal law.

“Time is of the essence,” continued Kline. “Hemp-derived CBD products are in very high consumer demand and the industry is eagerly awaiting FDA’s regulatory framework for these products. We strongly recommend that FDA act quickly to clarify the regulatory environment because there is significant confusion in the market.”

There are currently 47 states that have made cannabis- or hemp-derived compounds legal in some form.

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The National Cannabis Industry Association (NCIA) is the largest cannabis trade association in the U.S. and the only organization broadly representing cannabis-related businesses at the national level. NCIA promotes the growth of a responsible and legitimate cannabis industry and works toward a favorable social, economic, and legal environment for that industry in the United States.