UK CBD market ‘the world’s second largest behind US’, association body claims
The body’s new report, jointly written with the Centre for Medicinal Cannabis (CMC), concludes that the UK now has the most evolved regulatory framework in the world for CBD, citing recent interventions by the Foods Standards Agency to consider what are safe and tolerable levels of THC contained in products. The FSA began formally accepting Novel Foods applications for CBD products from January 2021.
The report, called Green Shoots – Sowing The Seeds Of The New UK Cannabis Industry, argued that the UK market represents a key growth sector for the UK and it is time for the government to adopt a proactive strategy to seize opportunities in cannabinoids.
The report authors call for a dedicated agency to licence and oversee the industry; a new centre of excellence to fund, synthesise and promulgate the best new clinical evidence to boost the UK’s nascent medicinal cannabis market; and urgent reform of licensing policy to steer and harness the emerging scientific evidence across the whole spectrum: from agri-science and plant genetics, to novel synthetics, new therapies and clinical trials.
“The size of this cannabinoid sector is now impossible to ignore. Today’s report reveals that sales of CBD products up to the year end of April 2021 are valued at £690m, almost a third higher than our last projection in 2019,” said CMC and ACI co-founder Paul Birch, adding: “Almost without notice and certainly by accident rather than design, the UK has improbably become the world’s second largest consumer cannabinoids market.”