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Curaleaf shines in falling cannabis sector on news of surprising CVS deal

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Curaleaf is a standout on Thursday, after announcing a partnership with CVS on a line of CBD products

Cannabis stocks were mostly lower Thursday, with Curaleaf Holdings Inc. a standout after announcing a partnership with drugstore chain CVS Health Corp. on a line of CBD products.

But for now, it is viewed as a medical drug, because it is the key ingredient in GW Pharmaceuticals PLC’s GWPH, +3.11% Epidiolex, the first cannabis-based drug to win FDA approval as a treatment for severe forms of childhood epilepsy. The FDA cannot allow a drug to be added to products without the clinical tests and trials required of drug developers that can take years to complete.

“This is why there needs to be legislation, because right now it’s a little messy,” he said. “We need clarity on whether companies can at least add low dosages of CBD to products. Right now, it’s definitely risky for a company like CVS. But as soon as we have legalization, I’m sure all these companies will be participating.”

 

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