CBD Business

CBD News summary: Ohio makes CBD And Hemp Products legal

The latest CBD news from 2nd week of August are here:

  • A bill is signed by the Governor of Ohio on Tuesday to legalize the hemp and CBD products
  • CV Sciences and  Charlotte’s Web have extended partnership with Kroger to be in 1,350 stores across 22 states
  • Bill filed by a senator in congress to reschedule and research marijuana
  • A Canadian cannabis company was bought by Lord Jones, a popular CBD beauty brand

Table Of Contents

  1. A Bill Is Signed By Governor Of Ohio To Legalize Hemp, CBD Products
  2. Charlotte’s Web, CV Sciences Extend collaboration with Kroger
  3. Bill filed by a Senator in Congress to Reschedule and Research Marijuana
  4. Canadian Cannabis company Cronos buy Lord Jones

 

A bill Is Signed By Governor Of Ohio To Legalize Hemp, CBD Products

On Tuesday, Mike DeWine the governor of Ohio, signed Senate Bill 57 to legalizes the production of hemp and the sale of hemp-derived CBD products.

The bill’s status was flimsy just over a month ago when Larry Householder, Speaker of the House,  said the bill had hold back and was not anticipated to be talked about again until the fall.

The bill was passed by the House unexpectedly and was sent back to the Senate with amendments.

It was sent back to the governor’s desk after a quick consent of the senate to the amendments.

The bill was awarded in time for 2020 growing season and has set up a licensing program regarding hemp for both the processors and farmers.

The program will be administered by the Ohio Department of Agriculture. The department will also be responsible to write up the rules and regulations approved by the US Department of Agriculture.

It has been stated by USDA that the regulations will be released by it in the fall.

Hemp-derived products were made legalized and ban was also lifted on CBD products by SB57

The bill became effective immediately.

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CV Sciences, Charlotte’s Web Extend Collaboration With Kroger

CV Sciences, Charlott’s Web, two largest hemp-derived CBD companies in the United States are extending their respective partnerships with Kroger.

Charlotte’s Web and CV Sciences (who owns PlusCBD™ Oil), accounting for nearly a quarter of the hemp-derived CBD market last year collectively, will display their products in 1,350 Kroger stores across 22 states now.

In a press release, Deanie Elsner, CEO of Charlotte’s Web, said that Charlotte’s web has been trying to make CBD products available for maximum people since its foundation.

This expansion through the Kroger’s market, the leading network of grocery stores, is  a huge contibution to their mission.

They were very obliged to Kroger and all their channel partners for the continued progress in expanding access to  health and wellness products based on hemp.

In a press release, Joseph Dowling, CEO of CV Sciences,  said “we are pleased to grow our distribution further with Kroger and increase the the accessibility of PlusCBD™ Oil products to more Kroger buyers across the U.S. We are seeing remarkable opportunities to expand our collaboration with additional product SKUs into kroger retail outlets as the demand for safe, effective and high quality products continuous to increase with broader market acceptance.”

The brands’ products will be placed by Kroger in several outlets including Fred Meyer, King Sooper, Dillons, and more.

This news comes after the announcement by CVS of removing Curaleaf products, a popular cannabis brand, from their shelves.

Last week,  FDA sent a warning letter to Curaleaf regarding making unauthorized CBD health claims.

BILL FILED BY SENATOR IN CONGRESS TO RESCHEDULE AND RESEARCH MARIJUANA

A bill was filed by a top-ranking Democratic senator, Senator Dick Durbin (D-IL), to  reschedule and research marijuana.

Sen. Durbin’s bill would allow the federal government to research cannabis and would move it from Schedule I to Schedule III.

In a press release, Dubrin that  said he wanted to lift federal restriction, with some form of legalization on the books in over 30 states and now Illinois, so that additional medical research can be  conducted on marijuana. A better understanding of the auspicious used of cannabis for treatment, as well as ways in which marijuana use have impact on public safety and specific populations—including pregnant women, children, and drivers.

The bill guides the Center for Disease Control, The National Institutes of Health, and Substance Abuse and Mental Health Services Administration to design a research agenda.

The guidelines to the  US Department of Health and Human Services to gather data on the usage of cannabis and how it affects public health is also provided by the bill.

Illinois State Medical Society,National Multiple Sclerosis Society, Michael J. Fox Foundation, Chicago Medical Society, American Public Health Association, Epilepsy Foundation, and Parkinson’s Foundation supoorts the Durbins’s bill.

Canadian Cannabis company Cronos Buy Lord Jones

Cronos, the Canadian cannabis company, has bought the Lord Jones, the holding company of the popular CBD personal care brand.

Redwood Holding Group which contains four subsidiaries, the most notable of which is lord Jones, was bought by the Cronos.

Lord Jones, founded in 2015 by husband and wife Robert Rosenheck and Cindy Capobianco, sells CBD products in various forms like bath bombs, lotions, gummies, tinctures, and more.

The brand’s products were picked up back in October 2018 and sold online by Sephora.

Sephora started to sell Lord Jones’ products in physical stores only a couple of weeks ago.

Cronos with anchorage in the US hemp-derived CBD market saw its shares rise by 7% on Friday.

In a press release, Mike Gorenstein, Chairman, President and Chief Executive Officer of Cronos Group’s  said that our mission is to maintain the decency of all Rob and Cindy have created while learning from them, to strengthen  the resources of the Cronos group to invest on the substantial demand for skincare and other consumer products derived from hemp. In this evolving area, the stake holders remains a prime concern for Cronos Group for leading  the industry forward responsibly and being part of the conservation with industry.

Once the transaction closes, Rosenheck and Capobianco will work with Cronos

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