cbdMD, Inc. (NYSE:YCBD) (NYSE:YCBDPA), has received validation of its novel food application from the European Union's Food Safety Authority for its hemp extract formulation. This validation represents a significant milestone and provides the company an opportunity to expand its global footprint in an anticipated growing marketplace, that together with the UK, has a total addressable population in excess of 500 million people. According to a recent report by the Brightfield Group, the EU's CBD market is expected to grow to more than $2.3 billion by 2025, representing a five-year CAGR of over 33%.
The company's EU validation comes on the heels of the company's recent announcement that cbdMD had received validation from the UK's Food Standards Agency. cbdMD products that have received UK validation can be found on the FSA's list of products allowed to be sold. With these validations in place, customers in the UK and EU will be able to access many of the cbdMD's products.
"cbdMD continues to be a leader in the CBD industry and our brand continues its global expansion, as we now sell in over 30 markets worldwide. Our customers know that with our brand they have access to safe, trustworthy products that they know have received the highest validation and testing. At cbdMD, our consumers are our number one priority, and we take great pride in providing the highest quality products to millions of people around the world," stated chairman & co-CEO of cbdMD, Inc., Martin Sumichrast.
Photo: Courtesy of Richard T on Unsplash
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