HempFusion Wellness Inc (TSE:CBD.U) (OTCQX:CBDHF) (FRA:8OO) has commended the filing of the proposed Hemp Access and Consumer Safety Act by three US Senators.
The company, which offers premium probiotic supplements and products containing cannabidiol (CBD), said the bill aims to add hemp, hemp-derived cannabidiol, or a substance containing any other ingredient derived from hemp to the definition of dietary supplement according to the Federal Food, Drug, and Cosmetic Act and would remove certain restrictions that have blocked the emergence of legal consumable hemp products in the US.
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HempFusion said it is a longstanding member of the US Hemp Roundtable and is a “major advocate” for the bill.
“HempFusion is prepared for both GRAS (Generally Recognized as Safe) and NDIN (New Dietary Ingredient Notification), which separates us from the vast majority of CBD brands on the market today. We proudly endorse and commend The Hemp Access and Consumer Safety Act and thank Senators Wyden, Paul, and Merkley for their bipartisan support. A major component of our strategic business plan has been to prepare for this day and now we are finally at the door of what will open up the CBD industry for those brands that can properly adhere to FDA’s requirements,” HempFusion’s co-founder and chief executive Jason Mitchell said in a statement.
“While the Senate bill is more comprehensive than the previously introduced House bill H.R. 841, passage of either will provide a vast and very important boost to the hemp industry, benefitting farmers, producers, manufacturers, small and large retailers, and, most importantly, consumers. The lack of clear regulation for the past several years has had devastating economic impact across many sectors. It’s also allowed fly-by-night companies to thrive, selling products that don’t meet label claims, aren’t manufactured properly, and – in some cases – are actually dangerous to consumers,” added chief marketing officer Ola Lessard.
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