viewZoetic International PLC

Tightened UK regulations on CBD “welcome”, says manufacturer

The industry had been waiting for more clarity on legal requirements which will lessen competition, said Nick Tulloch from Zoetic

Zoetic International PLC - Tightened UK regulations on CBD “welcome”, says manufacturer

Thursday’s announcement by the UK Food Standards Agency (FSA) for tightened regulations on CBD products is “welcome” by the industry, a manufacturer said.

Nick Tulloch, chief executive at Zoetic International PLC (LON:ZOE), said the sector had been waiting for more clarity on legal requirements.

“We are supplying customers with a product we say is good for their health, therefore it is important the products are manufactured to a very high standard, and I think what the regulations will do is to ensure those standards are met,” he told Proactive.

READ: Zoetic raises £387,000 to accelerate US plans

But some companies may not have enough resources to be approved by the FSA.

“Some of the smaller CBD sellers will struggle to comply with regulations and, whilst I fell sorry for their businesses, the good news for those of us who can still continue is that we create a much more stable industry with less competition,” Tulloch added.

Zoetic says it has more control on the supply chain as it grows its own hemp which is then used to manufacture products sold under its brand.

Another player, Sativa Group PLC (LON:SATI), said the regulatory framework is "an important step leading to the development of a safe and legal market in the UK".

"This guidance from the FSA will reassure our customers and distribution partners that Sativa is at the forefront of building a sustainable CBD wellness industry," said Henry Lees-Buckley, chief executive at the NEX-listed medicinal cannabis firm.

"Sativa, incorporating its Phytovista Laboratory, Home Office licences for research with King's College London, and Scientific Advisory Board, continues to invest in the infrastructure to ensure we are fully compliant with industry regulation."

FSA’s announcement

The FSA has set 31 March 2021 as an application deadline for CBD products to be granted a licence.

After that date, only those which have applied can stay on the market.

The legislation will be enforced by local authorities to ensure items on the shelves are correctly labelled, safe to eat and do not contain illegal substances.

In the same announcement, the agency advised those who are pregnant, breastfeeding or taking any medication not to consume CBD products.

Healthy adults were recommended a dose of a maximum of 70 milligrams per day, equalling about 28 drops of 5% CBD oil, unless under medical direction.

Quick facts: Zoetic International PLC

Price: 5.35 GBX

Market: LSE
Market Cap: £7.98 m

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