Prosecutors are planning to drop all charges against the man arrested on marijuana possession charges in connection with a case in which 106 pounds of hemp plants shipped from Vermont were mistaken as MJ and seized by the New York Police Department. The Brooklyn district attorney’s office said that Ronen Levy’s felony marijuana possession charge […]
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CBD wellness firm Heavenly Rx to take over Nasdaq-traded drug company
An emerging CBD company plans to take over a Nasdaq-traded pharmaceutical corporation focused on developing cannabinoid pharmaceuticals. Under an agreement announced Tuesday, Heavenly Rx will execute a reverse takeover of Therapix Biosciences. When the proposed deal is complete, the combined entity will be known as Heavenly Rx. Paul Norman, CEO of Heavenly Rx and former […]
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Ruling confirms Germany’s designation that CBD is a ‘novel food’
A court case confirmed that German authorities consider CBD products either a prescription medicine or novel food. The ruling followed the direction of the European Union (EU), which has ruled that the cannabinoid and products containing cannabidiol can’t be yet be sold without additional safety research. The novel foods distinction is given to products if […]
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Canopy Growth’s NY hemp facility to receive $1.7 million tax break
The Canadian cannabis producer building an industrial park for hemp processing in New York state would get a hefty property tax break under a new plan hatched by a local economic development group. The Broome Industrial Development Agency said Canopy Growth will receive a standard 15-year payment-in-lieu-of-taxes deal that will reduce taxes on the 48-acre […]
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Charlotte’s Web blames lack of FDA direction for slow revenue growth
CBD giant Charlotte’s Web said slow action by federal health regulators is causing disappointing growth in mass-market retail channels. The Boulder, Colorado, company told investors Wednesday that “a lack of regulatory direction” from the U.S. Food and Drug Administration (FDA) is slowing growth in food, drug and mass (FDM) sales channels. “Full revenue growth potential […]
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CBD company plans aromatherapy, cosmetics focus in new partnership
A Canadian supplements company that makes CBD extracts plans to focus on aromatherapy topicals through a collaboration with a prominent flavorings and scents firm. Neptune Wellness Solutions of Laval, Quebec, which makes fish-oil supplements and cannabinoid oils, said Monday it is giving $24 million worth of stock warrants to International Flavors & Fragrances (IFF) in […]
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Lawsuits, delays and an explosion: Troubles mount for Kentucky hemp pioneer GenCanna
A Kentucky hemp company that helped pioneer large-scale CBD production methods and takes some credit for getting the hemp plant legalized is now facing a cascade of business challenges. First, delays piled up at GenCanna’s rural Kentucky processing facility that the company envisions making a processing hub for several Midwestern states. Then, farmers in GenCanna’s […]
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FDA won’t be hurried to create CBD exceptions amid safety concerns, official says
A top official for the U.S. Food and Drug Administration (FDA) said the agency is concerned that developing a legal exception for supplements containing CBD could send the wrong message, both to companies interested in entering the market and consumers. Lowell Schiller, the FDA’s principal associate commissioner for policy who is leading a panel investigating […]
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Florida company faces liability lawsuit over possible CBD vape illness
South Florida manufacturer JustCBD is being sued by a woman in the U.S. Virgin Islands who says she was sickened by one of its vape products.
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Chart: CBD retail landscape is rapidly evolving
After spending years as a niche item in specialty stores, CBD-infused products have found their way onto the shelves of prominent retailers – and the ingredient’s presence and availability may yet increase. This week, CBD companies announced a number of new distribution deals. Consider: Southeastern Grocers joined the CBD category, announcing it will begin selling […]
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Losses narrow for GW Pharmaceuticals on dramatic revenue increase
A strong uptick in doctor prescriptions and coverage from health insurers is being credited for solid quarterly revenues for GW Pharmaceuticals. The London-based firm that makes cannabis-derived CBD medicines reported revenue of $91 million for the third quarter ended Sept. 30, up more than 3,500% from the same period a year ago. Despite the revenue […]
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Consumers research CBD more than many other wellness trends, study finds
Move over, meditation: American consumers are researching CBD more than many other alternative health trends and products, according to a new study looking at Google searches.
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