Cannabis is having a major moment these past few years, trending in research and trickling down into the retail sector.
Medicinal cannabis company Bod Australia (ASX: BOD) has been selling cannabidiol (CBD) food products within the UK for a while now, however recent legislative changes around the substance dictate that manufacturers now require approval to sell. In response, Bod has submitted a dossier to the United Kingdom’s Food Service Agency to register their proprietary cannabis extract as a food for UK consumers. Approval is expected in the coming months, which will open the doors to further partnerships and expansion of their product range to include new skincare, beverages and pet treat products.
The Novel Food Registration requires extensive background work on the product including toxicology studies and stability testing. The data garnered from these studies will be used to lodge additional registration applications with the European Union Food Service Agency in coming months.
Bod has an established presence in the UK, currently selling medicinal cannabis under the name MediCabilis which is available with a prescription. The Company also sells an additional 15 CBD based wellness products through global partner Health and Happiness Group under brand names CBII and Swisse.
Approval to continue the legal sale of their products in the UK, and soon in the EU will allow Bod to significantly expand their global footprint, opening them to future opportunities.
Bod CEO Jo Patterson commented on the registration, saying: “The ownership of a Novel Food Registration adds significant value to the exclusive extract Bod uses across our products in the consumer healthcare market. This step is the result of a significant amount of work over the last 12 months. It is great to have achieved this milestone and we are keen to explore the opportunities it will bring.
“While there are a wide range of CBD products available in the UK, the recent regulatory changes are anticipated to lead to a consolidation in the sector, as those products without a valid registration will need to cease to sell. The Company has been exploring product range expansion options for some time and multiple verticals have been earmarked for growth.”
Since being legalised in the UK in 2018, medicinal cannabis has only grown in popularity. Forecasters predict that by 2024 there will be 338,000 medicinal cannabis users. The market in the UK alone is expected to generate USD $1.29 billion in revenue per year, by 2024.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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