Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF), a premium functional food and beverage company, this morning issued a response to the U.S. Drug Enforcement Administration’s recent decision to remove cannabis component cannabidiol from its Schedule I list of controlled substances. “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,” Jim Bailey, president and CEO of Phivida, stated in the news release. “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.” Phivida additionally announced the issuance of roughly 1.5 million common shares to serve as 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.
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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 the company’s website at www.Phivida.com
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