VANCOUVER and SAN DIEGO, CA, Oct. 2, 2018 /CNW/ - Phivida Holdings Inc. (CSE: VIDA OTCQX: PHVAF) ("Phivida"), is pleased to see the decision by the U.S. Drug Enforcement Administration (DEA) to remove the cannabis component cannabidiol (CBD) from its Schedule 1 list of controlled substances. The DEA defines Schedule 1 as a list of controlled substances with no currently accepted medical use and a high potential for abuse. CBD, when contained in "finished dosage formulations" has now been moved to Schedule 5, defined as drugs with lower potential for abuse. The ruling does not broadly apply to CBD.
"We see this reclassification of CBD in pharmaceuticals as a good sign that will bolster the growing awareness of CBD as a substance that delivers many benefits, and opens the door for other CBD-based treatments, in line with the recent FDA approval of a drug to treat childhood epilepsy," said Jim Bailey, President and CEO. "Phivida is launching its Oki line of functional beverages which provide a spectrum of non-psychoactive phytocannabinoids through infusion with active hemp extract. While our Oki and Vida+ product lines are not subject to FDA approval, as we grow to have product on shelves in all 50 states, we will benefit from the increased acceptance of the efficacy of cannabis and hemp products.
On September 12, 2018, Phivida announced the bottling and launch of its Oki brand of functional beverages and supplements, infused with active hemp extract. Oki will be available to consumers in up to 2,400 natural specialty store locations within the United States, in a significant distribution channel market valued at over USD 4.1 billion in retail sales.
Phivida also announced today the issuance of 1,508,512 common shares of Phivida Holdings. The common shares are for payment for a combination of consulting services provided in regards to an advisory on the Cannabis Beverages Inc. ("CanBev") joint venture with WeedMD Inc. and management sourcing.
ABOUT Phivida Holdings Inc.
Phivida Holdings Inc. is headquartered in Vancouver, BC with operations in San Diego CA. Phivida is a premium functional food and beverage company focused on whole plant nutrition and natural ingredients that help best maintain overall health and balance in the human body. The company infuses organic active hemp extract into a variety of premium beverages and clinical products for everyday health. Phivida embraces and celebrates a return to organic, natural, plant-based foods and beverages, and a focus on holistic health and wellness. The mission is to help reduce the world's dependence on pharmaceuticals and provide food and beverage choices that allow customers to live a balanced, healthy lifestyle. For more information, visit phivida.com
SOURCE Phivida Holdings Inc.
For further information: Website www.phivida.com, Toll free +1 (844) 744-6646 (ext. #2), Email [email protected]; Investor Relations: Craig MacPhail, NATIONAL Equicom, 416-586-1938, [email protected]; Media Relations: Amie Lauder, NATIONAL Public Relations, 416-586-1943, [email protected]