Curaleaf: Cannabis Sector 'Needs, Wants And Appreciates' FDA Oversight

Vertically integrated, multi-state cannabis company Curaleaf Holdings Inc CURLF said Friday morning it addressed issues the U.S. Food and Drug Administration raised in a letter related to its CBD product marketing.

What Happened

The FDA sent an open "warning letter" to Curaleaf on Monday stating the company is making illegal or false claims on its website and social media accounts related to benefits of CBD usage. The company said Friday it immediately undertook a review of its website and social media platforms to remove all statements the FDA deemed to be non-compliant.

The company also confirmed with the FDA several of the products highlighted in the letter had previously been discontinued.

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Why It's Important

Curaleaf CEO Joseph Lusardi said the cannabis industry "needs, wants and appreciates" the FDA's role in ensuring regulation and compliance in the CBD market.

"Curaleaf is committed to being an ethical and responsible company and working with the FDA to be a leader in our industry, setting the standards and guidelines to best service our customers and the communities we serve," he said.

Curaleaf affirmed its intention in the press release to "work diligently" to make sure all information it provides to consumers are in complete compliant with FDA requirements.

Curaleaf's stock traded around $7.45 per share at time of publication.

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