Cannabis stocks extended their early losses Wednesday, as investors weighed the surprise news that the head of the U.S. Food and Drug Administration has resigned, leaving the fate of the cannabis ingredient CBD in regulatory limbo.
The FDA has already approved a CBD-based medication aimed at treating a very severe type of childhood epilepsy, but that was based on traditional clinical trials, a lengthy and expensive process that companies would prefer to avoid. He noted that Gottlieb has said the FDA was open to alternative pathways to CBD approval, including allowing only low concentrations in food and drinks, and keeping high concentrations for drugs to encourage further research.
Elsewhere in the sector, Aurora Cannabis Inc.’s U.S.-listed shares ACB, -2.20% ACB, -1.02% were down 2.7%, shedding some of their prior-day gains made after Cowen named it a Top Pick in the cannabis sector.
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