Listen to this Article Now
Writer: Amewunoo Walter
As the new rules that aim at regulating food supplements come to play, the UK CBD market is said to be holding its breath this week.
Status for products to be branded with “novel food” can be considered by submitting to the Food Standards Agency (FSA) by next week Wednesday.
The act to regulate the substance came up as a bid to deal with the mislabeling and curb the concerns about some product content that is on the market.
The market of CBD has rapidly increased 50% over the course of last year and about 8 million people have bought CBD-laced products since March 2020 as which’s thought to be a £450m market.
Meanwhile what continues to be the issue is the lack of information on the content of products but globally, the legal cannabis market is estimated to be worth $17.5bn but it’s said to grow to $65bn by the year 2027.
Emily Miles, the Chief Executive for FSA that the industry is not yet compliant why the law hence the products need to go through food safety assessment.
She made known in a comment that was reported by Sky News that they now want to bring the industry into compliance and over 200 applications have been submitted as they work to bring applicant’s products into compliance