The Cannabidiol (CBD) market has become big business thanks to the compound’s perceived health and wellness benefits. The UK CBD market is estimated to be worth £690 million ($929 million/€824 million) in 2021 making the UK the second-biggest CBD market in the world.
CBD products are now required to have Novel Foods authorisation in order to be made available in both UK and EU markets. The Food Standards Agency (FSA) asked the industry to submit applications for CBD products which were on sale on 13 February 2020. CBD brands and manufacturers in the UK must have submitted a novel food application for each of their products by 31st March 2021. Exactly a year later, last Thursday, the Food Standards Agency released its list of CBD products approved for sale in the UK. Products not on the list should be withdrawn from sale.
DirectorsTalk caught up with Marc Howells, CEO of Goodbody Health, who’s Goodbody Health CBD products are sold under the Goodbody Botanicals brand, for his initial reaction to being on the FSA approved list.
“We are absolutely delighted to have made it on to the list with our gold standard quality CBD product range.
The FSA’s recent publication of its approved list of products is another massive leap forward to the development of a safe and legal market in the UK for CBD. It gives consumers confidence that CBD products are now being regulated to a very high standard in England and Wales. With the FSA being the first to regulate these products, we are setting the standard for the rest of Europe and hope that the EFSA will now follow suit.
The CBD market is large, lucrative and set to continue its rapid growth. At the same time, many existing brands and manufacturers are being removed from the market in England and Wales for not meeting the stringent legal quality standards. For an award-winning provider such as Goodbody Health, with our ‘Best Quality, Best Price’ guarantee, underpinned with a membership model offering the cheapest CBD prices that can be found in the UK market today (via our website goodbodystore.com), the commercial opportunities in the UK and Europe are enormous.”
Know More. Live Better. Goodbody Health provides healthcare testing services in the local community.
Goodbody Botanicals (part of Goodbody Wellness), offers CBD products direct to consumer, wholesale as well as white label in the UK and Europe.
The Goodbody Health Group Inc. is listed on the Canadian Securities Exchange (CSE), the Aquis Stock Exchange – Growth Market (AQSE) Apex segment, OTC Pink, and Frankfurt Stock Exchange (FSE), providing current and prospective shareholders with multiple platforms in which to buy and sell Goodbody Health Group Inc. stock under the EPIC codes: CSE: GDBY / AQSE: GDBY / FRA: 484 / OTC: GDBYF).
