CBD Supplement Firms Can Lawfully Use Banks In Legislation House Passed
Secure and Fair Enforcement Act would allow businesses marketing cannabis- and hemp-containing non-drug products as well as marijuana growers and sellers to use US banks through protections for depository institutions providing financial services; Senate legislation stalled in committee.
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In addition to FDA and FTC attention, pediatric claims by Rooted Apothecary could get attention of US lawmakers, who FDA is asking to authorize it to more directly enforce against adulterated supplements. Violative claims include “Increasing evidence suggests that CBD oil is a powerful option for pain and autism. It seems like an attractive and safe option for children.”
Instruction in Appropriations Committee report on FY 2020 spending bill garners support from some stakeholders while others say setting a safe level of CBD's use in non-drug products should come first. Senate appropriators endorses FDA policy that regulations allowing sales of CBD non-drug products "not discourage the development of new drugs."
The surprising support of Senate majority leader Mitch McConnell is integral to the success of a provision in legislation to reauthorize USDA programs that would clarify hemp's removal from the federal list of controlled substances and ease limits on its production in the US. Meanwhile, Charlotte's Web Holdings' recent $100m IPO is a strong sign of investors' confidence in the future market for hemp products.