We’re on the verge of the biggest shake-up of the UK’s consumer health sector in relation to cannabinoid products (CBD).
The Association for the Cannabinoid Industry (ACI) announced in a press release on 26 January 2022 that it has opened a website that will track those products approved for the market. According to the ACI, the publication of the Food Standards Agency (FSA) approved list of cannabinoid products permitted for sale to consumers, is “imminent”.
The UK CBD market is estimated to be worth £690 million ($929 million/€824 million) in 2021 making it the world’s second-biggest CBD market.
Like the European Union, UK’s FSA determined that food products containing CBD are subject to safety standards that apply to new or “novel” foods. Only products that meet those standards make the list and will be able to stay on the market. The approval system applies to England and Wales.
FSA said in October that it is has approved 43 products and rejected roughly 650 of 800+ CBD products, amid safety concerns. This follows a rigorous review process that it has been conducting for the past 18 months. Whilst this approved list provides protection and re-assurance to consumers, many companies with rejected products may be put out of business.
Any CBD product formulated for oral use that was on sale in the UK gray market on or before Feb. 13, 2020 was eligible to apply for novel food status up to a deadline of 31 March 2021. Trading Standards officers will be responsible for monitoring of the sector and instigating enforcement action against companies that continue to sell unlisted CBD products.
Marc Howells, Chief Executive Officer of Goodbody Health, noted:
“At Goodbody we offer the best quality CBD products at the best price in the market. This doesn’t mean that we compromise on any level – we are simply in a unique position to control every step of the process. We ensure the quality of our ingredients with rigorous testing using an ISO accredited laboratory for testing the CBD purity, toxicity and THC levels of all our products. Selling mainly direct to the consumer through Goodbodystore, supported by an internal customer service department that can advise and reassure a customer.
We welcome the forthcoming regulations due to be in place from the Foods Standards Agency and have undertaken a series of testing for placement on the FSA pubic list detailing which CBD brands meet the requirements and we are currently eagerly waiting for that report to be published. With the growth of CBD ever increasing, the need for quality products is at the upmost importance”.
The Goodbody Health Group Inc. is listed on the Canadian Securities Exchange (CSE), the Aquis Stock Exchange – Growth Market (AQSE) Apex segment, OTC Pink, and Frankfurt Stock Exchange (FSE), providing current and prospective shareholders with multiple platforms in which to buy and sell Goodbody Health Group Inc. stock under the EPIC codes: CSE: GDBY / AQSE:GDBY / FRA: 484 / OTC: SCNNF. Retail customers can trade via online brokers AJ Bell, Jarvis Investment Management, Interactive Investor and The Share Centre, alongside the extensive range of telephone broking service providers.