Mainstream acceptance of cannabidiol (CBD) as a safe medicine took another leap forward. Last week, 28 members of the US Congress asked a federal appeals court to reject the Drug Enforcement Administration’s (DEA) argument that CBD is a Schedule 1 drug.
The Congress endorsement is yet another step in the positive direction for the CBD movement, and in particular for companies in the process of manufacturing CBD-infused goods, including Isodiol International, Inc. (CSE: ISOL) (OTC: ISOLF), Naturally Splendid Enterprises (OTC: NSPDF) (TSX.V: NSP), The Tinley Beverage Company Inc. (OTC: QRSRF) (CSE: TNY) and relative newcomer Phivida Holdings Inc. (CSE: VIDA), which started trading in December 2017.
Comprised of 22 Democrats and six Republicans, the group of 28 Congress members filed their brief in conjunction with a pending lawsuit against the DEA.
Their argument was that the DEA is acting “blatantly contrary” to the 2014 Farm Bill, when it took the stance that CBD is a marijuana extract and therefore illegal.
“The Farm Bill’s definition of industrial hemp includes any part of the plant, including the flower,” the Congress members argued, and concluded that the DEA’s rule regarding CBD was an “abuse of DEA’s administrative procedure and rulemaking authority.”
Upon the DEA’s official announcement that US Attorney General Jeff Sessions was reversing the Cole Memorandum—introduced by the Obama Administration—which was introduced to protect US state level marijuana licensing programs from federal enforcement.
However, almost immediately, CBD manufacturers Phivida Holdings Inc. (CSE: VIDA) were quick to point out that their business was unaffected by the DEA’s reversal. The bipartisan support by Congress members served only to further bolster Phivida’s first reaction to the news.
The DEA’s actions may soon prove that CBD companies such as Isodiol International, Inc. (CSE: ISOL) (OTC: ISOLF), Naturally Splendid Enterprises (OTC: NSPDF) (TSX.V: NSP), The Tinley Beverage Company Inc. (OTC: QRSRF) (CSE: TNY), and Phivida Holdings Inc. (CSE: VIDA) are indeed still on the right track, and will go on unabated by federal overreach.
THE POTENTIAL OF CBD-INFUSED BEVERAGES
With the growing positive public opinion towards CBD products and as mainstream acceptance grows, look for these brands to become household names in the very near future.
Isodiol International, Inc. (CSE: ISOL) (OTC: ISOLF)
Isodiol International develops and manufactures consumer products in Canada and the United States. It offers functional beverages, anti-aging luxury skin care products, and cannabinoid nutraceuticals. The company distributes its products to health food stores, specialty markets, health professional offices, spas, and cannabis dispensaries, as well as directly to consumer channels. It also sells its products online. The company is headquartered in Vancouver, Canada.
Naturally Splendid Enterprises (OTC: NSPDF) (TSX.V: NSP)
Naturally Splendid develops, produces, commercializes, sells, and licenses hemp-derived foods, Omega foods, nutritional food enhancers, and related products through grocery stores, health and nutrition stores, and online distribution channels. They offer retail hemp superfood products; natural and organic hemp products; hemp-based pet care products; and plant-derived bulk ingredients. They also provide retail hemp based cannabinoid nutraceutical and cosmeceutical products under the Natera CBD brand name. Naturally Splendid Enterprises Ltd. is headquartered in Pitt Meadows, Canada.
The Tinley Beverage Company Inc. (OTC: QRSRF) (CSE: TNY)
The Tinley Beverage Company develops, manufactures, and distributes drinkable cannabinoid products in the United States. It offers a line of hemp cannabidiol (CBD) infused drinkable supplements. The Tinley Beverage Company Inc. is based in Toronto, Canada.