Novel Food Application
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For immediate release |
6 April 2021 |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
Zoetic International plc
('Zoetic', the 'Company' or the 'Group')
Zoetic's Novel Food Application passes FSA administrative check
Zoetic, the international CBD group, is pleased to provide the following update on its efforts to gain regulatory approval by the UK Food Standards Agency ('FSA' or the 'Agency') for its products in the United Kingdom. This FSA approval is now required for CBD products to be sold in the UK. This applies to all CBD brands and not only those owned by Zoetic.
Overview
· The FSA announced on 13 February 2020 that businesses must submit a novel food authorisation application by 31 March 2021 if they wish to have their CBD products sold in the UK. CBD products without the authorisation and subsequent validation would not be allowed to be sold in the UK.
· Zoetic submitted an application in conjunction with the European Industrial Hemp Association's ('EIHA') Novel Food Consortium.
· Zoetic received notification from EIHA that its CBD products passed the regulator's administrative check and can remain on sale in the UK.
· Official validation will be granted pending the results of toxicological studies on CBD, expected in the coming months.
Following the submission of a legal dossier, made in partnership with the EIHA's Novel Food Consortium, the Group has now received confirmation that its natural isolate CBD products can continue to be sold in the UK as the application has passed the regulator's administrative check. Official validation is expected to follow in the coming months, pending the results of toxicological studies of the CBD contained in its products.
Trevor Taylor, Co-CEO of Zoetic, said : "The FSA's regulation marks a pivotal moment for the CBD industry and Zoetic welcomes the Agency's efforts to protect consumers from CBD products that do not meet the necessary standards. We submitted our application with EIHA, a highly respected European industry association, and are thrilled that the submission has passed the initial check and we are now one step closer to full validation. As always, we are committed to rigorous quality assurance processes at every step because our success as a company is indivisible from the quality of our products."
Further progress is expected in the coming months. More information can be found on the EIHA website.
- Ends -
About the European Industrial Hemp Association
The European Industrial Hemp Association ('EIHA') represents the collective interests of key stakeholders in the hemp industry across the European Union ('EU'). Their primary function is to advocate for the industry by contributing to international policy-making consultations and decisions by European regulators. EIHA also operates a Novel Food Consortium which aims to secure the necessary regulatory approvals for members to continue producing and selling their products.
Publication on website
A copy of this announcement is also available on the Group's website at www.zoeticinternational.com
Media enquiries:
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Zoetic International plc |
c/o Buchanan |
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Trevor Taylor, Co-CEO Antonio Russo, Co-CEO
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Allenby Capital Limited (Financial Adviser and Broker) |
+44 (0) 20 3328 5656 |
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Nick Harriss (Corporate Finance) |
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Nick Naylor (Corporate Finance) |
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Guy McDougall (Equity Sales)
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Buchanan |
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Henry Harrison-Topham / Jamie Hooper / Ariadna Peretz |
Tel: +44 (0) 20 7466 5000 |
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zoetic@buchanan.uk.com |
www.buchanan.uk.com |
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