Long-awaited CBD regulations hit the UK.
An inventory of the cannabis-based food products allowed to be sold in the UK has been released revealed by the Uk Food Standards Agency (FSA). The list contains almost 5,000 products that fall under its regulatory wing. Any products that have failed to make a list will be removed from sale.
The FSA hurried to regulate the growing industry back in 2020. They gave the CBD industry until 31 March 2021 to apply and allow their products the opportunity to remain on sale.
"CBD products are widely available on the high street but are not properly authorised. The CBD industry must provide more information about the safety and contents of these products to the regulator before 31 March 2021, or the products will be taken off the shelves,"Â FSA chief Emily Miles.
The FSA also stated that some of the need for regulation was because CBD may be risky for vulnerable groups. This includes pregnant or breastfeeding women or those taking medication.
The approval process guarantees that so-called 'novel foods' meet the legal standards for safety and content. Additionally, companies must have traceability and toxicology reports that meet the required standard.
Those in the industry say that this new regulation is the first big step toward a regulated UK cannabis market. The second-largest market in the world, the UK CBD industry, has been valued at around £690m, with forecasts to hit £1bn around 2025.
"Post-pandemic people have been focusing on their wellness. There's a big migration away from pills and pharmaceuticals. We've got to pay for this pandemic somehow. The industry is a massive opportunity for tax revenues". Michael Walker Purity Hemp Company
A wave of mergers and acquisitions is predicted to follow the new regulations, mainly in the form of a green wave from the US as companies who desire to get into the lucrative Uk market jostle for position.
Many significant established CBD and Hemp companies have been "playing the long game" and waiting for regulations to kick in. They are now free to move in, snap up some market share, and build brand recognition and loyalty.Â
The publication of this list is viewed as a much-needed recognition of the need for standardisation to give consumers confidence in CBD products. It frees people to make educated decisions on the options available. As well as to demonstrate the growing function of CBD in their health and wellness routines".
You can view the complete list of approved products and conditions on the FSA website.
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Liz Filmer
