David Beckham has a 5% stake in the business worth £656,000 .
(Picture: Getty Images)David Beckham-backed health company Cellular Goods was forced into an embarrassing U-turn today as it admitted its CBD products may have to be withdrawn under new rules, just days after saying they were compliant.
In a trading update following discussions with the Food Standard Agency, the firm said: “Cellular Goods is currently considering its position pending advice from the company’s advisers and is also seeking further clarification on the FSA’s stance.”
On Monday, the company said its range of ingestible CBD products “fulfils FSA guidance”. It is understood Cellular Goods approach the FSA for more clarity, which led to the new statement.
The confusion follows new guidance issued on ingestible CBD products.
CBD is a chemical compound found in cannabis plants, which can be extracted or synthetically created and used for its relaxing qualities. It has recently become popular as an ingredient in food supplements, drinks and beauty products. It does not have psychoactive properties.
CBD products put on sale after February 2020 in the UK cannot be marketed without prior authorisation.
None of Cellular Goods’ products were included on a recently published FSA list of approved items. The products in question are made by its supplier Channelle McCoy health (CMH), whose products are approved.
The company originally argued its range of CBD products were compliant “as this is not a ‘new product’ to market and all the FSA required details are… the same as that of the validated CMH products featured on the FSA list.”
Cellular Goods’ nose spray, oral drops and capsules range are affected by the new rules, but not its skincare range.
The FSA said: “An important part of any CBD novel food application is a consideration of the product’s safety.”
Beckham, holds a 5% stake in Cellular Goods worth £656,000 via his investment business, DB ventures.
Cellular Goods’ shares sunk 4.6% in early trading.
