Charlotte's Web Holdings, Inc. (OTCQX:CWBHF) (TSX:CWEB) has passed validation in its Novel Food applications from the Food Standards Agency ("FSA") in the United Kingdom for its Original Formula full-spectrum hemp extract product.
This marks a milestone for its Original Formula. Charlotte's Web claims to be the only substantially vertically integrated US company with a full-spectrum hemp extract to have passed the validation phase and advance to the safety assessment phase.
"Charlotte's Web understands that product quality, safety, and brand values matter to global health seekers who are demanding premium full-spectrum products," stated Jacques Tortoroli, CEO of Charlotte's Web, "It's critical to scaffold these emerging markets with the high bar set by our proprietary hemp genetics, scientific rigor and innovation practices. International audiences are only now learning the difference between full-spectrum and isolate CBD products, which provides a great opportunity for education, product differentiation and consumer adoption as they begin to understand the health advantages inherent in full-spectrum products."
Novel foods
Novel foods are ingredients which have not been widely consumed by people in the UK or European Union before May 1997. This includes CBD and other consumable derivatives of the hemp plant, including whole-plant hemp extract. Novel foods needs to be authorized by the FSA before they can be included on the list of novel foods and marketed for sale in the UK.
The FSA is the central competent authority for food safety that issues guidance to support consistency in approach in the United Kingdom. The FSA's rigorous Novel Food authorization process for CBD offers regulatory stability and a viable path to full commercialization for CBD products within the UK. A validated Novel Food FSA authorization is required to legally sell ingestible CBD products such as oils, gummies, and capsules beyond March 2021. Charlotte's Web's applications with comprehensive toxicity and safety studies have been validated and will proceed for risk assessment. This status allows Charlotte's Web to continue selling its products in the U.K.
Charlotte's Web products can be legally purchased online through the company's exclusive UK distributor Savage Cabbage Ltd. Savage Cabbage is a Member of EIHA (European Industrial Hemp Association) and distributes a large portfolio of Charlotte's Web whole-plant, full spectrum products that contain all the beneficial compounds that exist in the hemp plant as well as CBD. Under the new Novel Foods regulatory framework, Savage Cabbage will leverage its extensive distribution network in the UK to expand the presence of Charlotte's Web in retail distribution channels and on the high street, with a growing number of notable retailers.
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