LONDON: SEED Innovations Ltd, the AIM quoted company investing in fast growing and industry leading businesses with a focus on the medical cannabis, health and wellness space, is pleased to note the recent update by the UK Food Standard Agency (‘FSA’) with a list of cannabidiol (‘CBD’) products permitted to stay on the market in England and Wales, pending further consideration.
A number of CBD products sold by some of SEED’s portfolio companies, have successfully been included on the FSA’s list of CBD products linked to novel food applications, enabling them to continue in the market and progress through the validation stage.
This follows a two-year cooperation between the FSA and the Association for the Cannabinoid Industry, the UK’s CBD sector trade body.
Products from investee companies Yooma Wellness Inc. (‘Yooma’), South West Brands Limited (‘SWB’), and CiiTECH Limited (‘CiiTECH’) have been included in the update by the FSA.
- Portfolio companies Yooma, SWB, and CiiTECH have featured on the FSA’s list of CBD products that may stay on the market in England and Wales
- Products which appear on the list are linked to novel food applications which the FSA already validated or considered that are sufficiently progressing towards validation
- The UK becomes one of the first countries to regulate the sale of CBD products as foodstuff to consumers
Alfredo Pascual, VP of Investment Analysis of SEED, commented: “We are very encouraged to see the inclusion of a number of our investee companies’ products within the FSA’s public list of CBD products that may stay on the market in England and Wales. The hard work being carried out by our portfolio companies to meet the UK’s legal and regulatory requirements indicates a high level of level of commitment to quality and safety, bringing much needed clarity to consumers.
“We welcome regulatory certainty in the sector and look forward to further progress as the sector continues to establish itself.”