Well that came out of the blue in the midst of all the other dire news racing through the sector.
Cannabis Business Times reports
Effective immediately, the U.S. Drug Enforcement Administration (DEA) has descheduled GW Pharmaceuticals’ Epidiolex, an anti-epileptic drug that contains cannabidiol (CBD).
Initially, following approval from the DEA in 2018, Epidiolex was listed under Schedule V.
At the time, many industry stakeholders stressed that this move did not reschedule CBD alone as a Schedule-V substance. CBD, as a single compound, remained under Schedule I with the rest of the cannabis plant. (Shortly after Epidiolex was approved, the U.S. Congress passed the 2018 Farm Bill and legalized hemp. CBD derived from hemp, then, was removed from the list of controlled substances. Still, CBD derived from cannabis plants that contain more than 0.3% THC remained Schedule-I.)
Read their full article https://www.cannabisbusinesstimes.com/article/dea-deschedule-epidiolex-gw-pharmaceuticals-cbd/
Also, do read Debra Borchardt’s piece at GMR
FDA Declares Cannabis Drug Epidiolex No Longer A Controlled Substance
The U.S. Drug Enforcement Administration (DEA) confirmed that the GW Pharmaceuticals plc (Nasdaq: GWPH) cannabidiol drug Epidiolex is no longer subject to the Controlled Substances Act (CSA). The DEA’s letter means that all federal controlled-substance restrictions have been removed for Epidiolex. This change takes effect immediately.
The stock was rising over 3% to lately trade at $85.06 on the news. This further lifts the stock from its 52-week low of $67.98.
“This notification from DEA fully establishes that Epidiolex, the only CBD medicine approved by FDA, is no longer a controlled substance under the federal Controlled Substances Act,” said Justin Gover, GW’s Chief Executive Officer. “We would like to thank DEA for confirming the non-controlled status of this medicine. Importantly, the descheduling of EPIDIOLEX has the potential to further ease patient access to this important therapy for patients living with Lennox-Gastaut Syndrome and Dravet syndrome, two of the most debilitating forms of epilepsy.”