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Curaleaf Slumps Midday After Receiving FDA Warning Letter

Investing.com

Investing.com - Curaleaf slumped in midday trade Tuesday after receiving a warning letter from the Federal Drug Administration over its promotion of unapproved products containing cannabidiol (CBD).

The cannabis operator has 15 days to submit a written plan to address the violations.

Curaleaf (OTC:CURLF) fell 6.3%, while Aurora Cannabis (NYSE:ACB) slipped 1.5% and Canopy Growth (NYSE:CGC) was flat.

The FDA letter says the company’s products are unapproved drugs and the company has claimed on its website and social media accounts that its CBD products soothe chronic pain and relieve anxiety.

CBD has exploded in popularity as it lacks the psychoactive properties of THC. The FDA is still creating clearer guidelines for CBD, which it considers a drug.

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