CV Sciences Inc (OTCQB:CVSI) was a top gainer on the North American Marijuana Index after determining its CBD extract met US Food and Drug Administration safety standards.
The company self-affirmed that its line of hemp-derived CBD gold extracts, known as its PlusCBD Oil Gold Formula, met GRAS, or “generally recognized as safe” standards.
Shares of the company jumped nearly 19% to US$5.39 in Tuesday afternoon trading.
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The 1958 Food Additive Amendment allows for companies to determine safety on their own using an outline of the FDA’s GRAS notification process without receiving formal approval from the regulatory body, according to the FDA’s website.
“We are committed to building consumer confidence and trust in the safety and quality of our products, supported by scientific evidence. This milestone significantly advances our leadership in this space and provides us with opportunities to broaden consumer access to our products, while removing any doubts on the safety and benefits of our products,” said CEO Joseph Dowling in the company’s press release.
CV Sciences develops cannabidiol‐based pharmaceuticals and consumer products. Its product line includes CBD in various forms, including oil drops, soft gel capsules, moisturizers and extra virgin olive oil spray.