Cannabidiol (CBD), the phytocannabinoid discovered in 1940, is seemingly everywhere these days. In states where it is legal, it is in drinks, pet products and ointments. FDA frowns on CBD’s ubiquity. Over the years, the agency has warned several companies for selling unapproved CBD-based products.   The small molecule drug discovery company Innovation1 Biotech (OTCQB:IVBT) is developing a…