The CBD market in the United Kingdom has grown since the compound’s extracts were designated as new foods in 2019. Currently, the market is valued at $850 million, with projections expecting it to hit $1 billion in a couple of years.
Recently, a joint application filed by HERBL, Liverpool, and TTS Pharma, along with Bridge Farm Group, cbdMD, Mile High Labs, and Brains Bioceutical, passed the Food Standards Agency’s safety evaluation phase. These applications follow three granted to Cannaray, Pureis and a separate consortium in 2024.
Each adheres to the 10mg acceptable daily intake threshold for CBD, which is even lower than the 17.5mg proposed by the European Industrial Hemp Association. Some figures have argued that applications proposing higher thresholds may have a hard time passing the safety review following the recent developments.
This daily intake limit was introduced in 2023, a decision that wasn’t welcomed by many in the industry, with some warning that a low limit could discourage investment, make CBD products ineffective, and stifle the growth of the market. The Cannabis Trades Association also accused the agency of misinterpreting the limit as a binding threshold instead of an advisory guidance.
The industry group even claimed that the threshold didn’t consider the differences between CBD full-spectrum extracts, distillates, and isolates.
Despite the criticism, the aforementioned advancements indicate that the United Kingdom is steadily moving toward complete CBD market regulation. The recent decision saw over 800 products advance to the risk management review stage. Products that pass this stage will be recommended to ministers across Great Britain by the Food Standards Agency and Food Standards Scotland.
It is expected that in a couple of months, a number of product applications will be recommended to UK ministers. If approved, these products would become the first CBD products to be sold legally on the UK market.
In other news, the Food Standards Agency also eliminated 102 products from its CBD products list, with some being removed without explanation while others were voluntarily withdrawn. To date, almost 600 products have been eliminated from the list.
It is important to note that any detectable levels of THC in a product make it illegal in the country, unless it meets strict Exempt Product Criteria. THC is one of the two primary compounds found in marijuana, the other being CBD. Unlike THC, though, CBD does not induce a high when consumed.
As jurisdictions like the UK ease their laws on CBD products, international players like Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) could explore the possibility of getting a foothold in these markets.
NOTE TO INVESTORS: The latest news and updates relating to Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) are available in the company’s newsroom at https://cnw.fm/SFWJ
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