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Curaleaf Slumps Midday After Receiving FDA Warning Letter

Forex Jul 23, 2019 03:06PM ET
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© Reuters.

Investing.com - Curaleaf slumped in midday trade Tuesday after receiving a warning letter from the Federal Drug Administration over its promotion of unapproved products containing cannabidiol (CBD).

The cannabis operator has 15 days to submit a written plan to address the violations.

Curaleaf (OTC:CURLF) fell 6.3%, while Aurora Cannabis (NYSE:ACB) slipped 1.5% and Canopy Growth (NYSE:CGC) was flat.

The FDA letter says the company’s products are unapproved drugs and the company has claimed on its website and social media accounts that its CBD products soothe chronic pain and relieve anxiety.

CBD has exploded in popularity as it lacks the psychoactive properties of THC. The FDA is still creating clearer guidelines for CBD, which it considers a drug.

Curaleaf Slumps Midday After Receiving FDA Warning Letter
 

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Comments (3)
Brian Forehand
Brian Forehand Jul 23, 2019 3:28PM ET
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FDA is only flexing what they still think they have a strong hold. CBD is absolutely nonsense as a drug. Think of who is running the show, a bunch of old folks with old ideas.
Troy Elliott
Troy Elliott Jul 23, 2019 1:10PM ET
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CBD is a plant based chemical or ingredient and cannot be considered a drug because it is from a plant that is grown from God putting it on this planet! The USA government actually put a patent on CBD in 1972. Hypocrites in the government are trying to stop it so big Pharma can still put out their dangerous drugs called opiates! All big Pharma companies making opioids should be stocked and close down completely! CBD can do everything in the body associated with pain I have experienced it’s superior pain relieving situation when I had right shoulder surgery after it and it totally took away the pain that post with every heartbeat! Get with the program US government you cannot have something patented by YOU in 1972 and now in 2019 change that. CBD should not be considered a drug at all!
Silverbug 19
Silverbug 19 Jul 23, 2019 12:05PM ET
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pharma boys are worried
 
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