DEA reconsidering Schedule I ruling of CBD after Epidiolex approval
As a whole, the cannabis industry has come a long way. It’s always inspiring to see how the people behind its newly acquired reputation have worked so hard to get where it is today.
Nevertheless, while celebrations and praises are due, the industry still faces an uphill battle before being considered entirely legal worldwide.
Drug evolution
Many companies are taking steps towards breaking the chains put in cannabis products including hemp derivatives and cannabidiol (CBD) oils.
In June alone, the US Food and Drug Administration (FDA) gave the go signal for GW Pharmaceuticals’ Epidiolex to be used as a treatment for seizures that are associated with two rare forms of epilepsy — Lennox Gastaut syndrome and Dravet syndrome.
Epidiolex is the first FDA-approved drug that contains a purified drug substance that was derived from marijuana.
Reclassification
After this development, the US Drug Enforcement Agency (DEA) has put the focus on readdressing cannabis as a Schedule I Drug.
All marijuana products are under this classification—even CBD oils that do not contain the psychoactive Tetrahydrocannabinol (THC) compound. Items under the Schedule I Drug classification are considered to have high abuse potential with no medical benefits.
Many have criticized the classification of marijuana products, considering the scientific studies that back its health benefits. From a broader perspective, marijuana is put under the same classification as heroin and cocaine.
Schedule ruling
The DEA is now going to address the Schedule I ruling within a span of 3 months.
Indeed, there are expectations to reclassify CBD as a Schedule II or Schedule III drug, with thanks to companies like GW Pharmaceuticals. Under these two, CBD products will be considered as addictive, but its medical benefits will be taken into consideration as well.
If it falls under the Schedule II ruling, CBD will be in line with opioid drugs. If Schedule III is chosen, it will be in the same category as testosterone treatments and Tylenol with Codeine.
Better CBD prospects
Aside from the Epidiolex manufacturer, there are also other companies that help generate a better outlook on CBD. One such company is PotNetwork Holdings, Inc. (OTCMKTS:POTN) and its subsidiary, Diamond CBD, Inc.
POTN focuses heavily on the research and development of CBD products. The company uses a meticulous process called supercritical CO2 extraction to isolate the naturally occurring beneficial compounds of hemp. What comes out of the process are pure CBD oils that Diamond CBD uses to help create and distribute the best products in the industry.
POTN has set itself as one of the prime examples of a good CBD company through its products, sales figures, and healthy business practices. The company is always willing to improve its services for the benefit of its clients and investors alike.
In a recent announcement, the company has formally filed a registration statement on Form 10 with the Securities and Exchange Commission (SEC). Through it, POTN has become a fully reporting SEC company which opens up its share to a broader pool of investors. This new announcement follows the company’s decision to begin taking steps into changing its name into BioTech Hemp, Inc.
Moreover, Diamond CBD has shown consistently improving sales for 2018. In the most recent financial report, it was revealed that the CBD distributor achieved over $2 million in revenues, thereby continuing its trend of breaking new record sales year after year. Most of Diamond CBD’s sales were made through internet transactions which showcase the company’s strong presence online.
Both GW Pharmaceuticals and POTN are busy with their projects. These recent announcements not only benefit the company but the entire CBD industry as well. In time, CBD products will be given a more positive outlook, and it will be able to reach out to more people that direly need the health benefits of cannabis.