CBD Industry Hits Big Milestone in Europe, Looks to the Future
The space is even more wide open now.
Cannabidiol is arguably the most popular cannabinoid on earth right now among consumers, patients, and lawmakers.
Historically, tetrahydrocannabinol was the undisputed champion of cannabinoid popularity, however, it is rapidly ceding ground to its cannabinoid counterpart.
CBD products are legal in significantly more jurisdictions on earth compared to THC products, including Europe.
Europe’s emerging CBD industry received some long-awaited good news recently when a very important milestone was finally reached.
CBD licenses approved
The CBD industry in Europe has endured a lot of change, with the CBD regulatory landscape being largely non-existent and the process to create one involving seemingly constant twists and turns.
The European Commission, which is in charge of approving novel food applications for CBD products, has dragged its feet for quite a while.
Things finally appear to be changing with reports the Commission has recently approved at least 5 licenses.
Czech-based CBDepot, PharmaHemp of Slovenia, Swiss firm Linnea, French company Spectrums Europe and the UK arm of Brains Bioceutical are the companies that were reportedly notified that their applications were approved.
The European Commission has released few details about the approved applications, and even less about any plans for future approvals.
What's the hold up?
Unlike THC, CBD does not induce euphoria in consumers and patients. It does, however, provide a number of wellness benefits according to various peer-reviewed studies and personal experiences.
The CBD market has proliferated across the European continent, and without reasonable regulations, countless products are in circulation that are mislabeled and often contain ingredients that are not necessarily safe for human consumption.
CBD is being infused into almost anything that is bought and sold in Europe, from cosmetics to food to deodorant.
For the sake of consumers, patients, and entrepreneurs in the CBD industry, regulators need to approve more licenses and put in place uniform, reasonable continental rules and regulations for CBD products.