You are here

Marijuana Stock Report: Pot Stocks Fall As FDA Decides Against Further Cannabis Restrictions

By Ayanna Rutherford
Jul 09, 2018

The Food and Drug Administration (FDA) gave the U.S. cannabis industry another win earlier this month when the agency rejected Drug Watch International’s petition to place marijuana on a list of restricted substances. The anti-pot group wrote a letter back in December requesting that the FDA warn the legal cannabis businesses throughout the country about making unsupported medical claims regarding products containing THC.

According to Forbes, the organization requested that the Food and Drug Administration, "reduce or end the ability of [over-the-counter] sellers of these drugs to assert and advertise unsupported medical claims for their products."

In a written response, Janet Woodcock, the director of the FDA’s Center for Drug Evaluation and Research, told the group that this action is “not necessary for the protection of public health." She continued by stating that they "already [have] adequate authority to remove unapproved new OTC drugs containing marijuana or THC from the market," according to Forbes.

While marijuana is still not legal at the federal level in the United States a lot of progress has occurred over the past year. Just a few weeks ago GW Pharmaceuticals, plc. (NASDAQ:GWPH) received approval from the Food and Drug Administration for, Epidiolex, a CBD-based drug created to treat two rare forms of childhood epilepsy.

Furthermore, there appears to be more interest in the value of using cannabis as a medicine. In fact, the United States Senate Appropriations Committee recently released a report criticizing marijuana’s classification as a Schedule I Drug because the restriction limits the ability of researchers to study its benefits. The report stated, "[a]t a time when we need as much information as possible about these drugs, we should be lowering regulatory and other barriers to conducting this research" according to Forbes.

The Committee went a step further by calling on the National Institute on Drug Abuse to put together a report on the downsides of keeping cannabis a Schedule I drug.

Today’s Marijuana Index

Home On The Range

There are more states adopting medical or recreational marijuana programs, with Oklahoma becoming the 30th state to legalize the medical use of marijuana with a margin of 57 percent to 43 percent.

Oklahoma’s medical marijuana program has some of the most liberal rules allowed as compared to other states with similar programs. Patients can possess three or more ounces in public and store up to eight ounces at home. Also, individuals registered with the state’s medical marijuana program can have up 72 ounces of infused cannabis product as well as grow plants at home. Oklahomans are not stopping just with legalizing medical use. They are also on track to get a recreational marijuana bill on the November ballot.

The Market Today

Quick Hits

Aphria Inc. (TSX:APH) will release fourth quarter results on August 1... Tilray launched their initial public offering… Quinsam Capital Corporation (CSE:QCA) announced some good news ahead of their second-quarter results.

Twenty Years of Cannabis Arrests

This week, New Frontier Data reminds readers that despite 30 states having legalized cannabis in one form or another, marijuana continues to be the number one drug-related offense in America. See the details below in this week’s Cannbit.

Related Companies

Share this article