UK: Assoc For The Cannabinoid Industry Founder Says UK World’s Biggest Market After The US

CANNANNEW REPORT

Good to see the UK punching above its weight in something. Legal cannabis consumption and it isn’t even legal yet. Here we’re just talking about CBD. If and when cannabis is actually properly regulated we’re sure the UK can be a world beater!!   Britain’s legal cannabis market has boomed during the coronavirus pandemic to become the second biggest after the United States, as consumers rushed to alleviate Covid-linked symptoms, industry experts say. Cannabidiol or CBD, which is most commonly sold as oil at high street retailers, is one of the active ingredients of non-psychoactive cannabis. CBD is touted as have relaxing and anti-inflammatory properties, but experts argue the market has long suffered from questions about its efficacy and a lack of regulation. Britain’s Food Standards Agency now regulates the sector and its marketing, after the European Union classified CBD as food in 2019. Such products will generate sales of £690 million ($856 million, 811 million euros) in 2021, according to the Association for the Cannabinoid Industry (ACI). That was almost a third higher than the UK trade group’s pre-pandemic 2019 projection. – ‘Pandemic increased demand’ – “The pandemic increased CBD demand because there obviously were stress, sleep problems, anxiety, these kind of risks,” ACI co-founder Steve Moore told AFP. Britain has experienced a “quiet cannabis revolution” that has transformed it into “the world’s second largest consumer cannabinoids market”, ACI said. Such products are stripped of psychoactive tetrahydrocannabinol or THC molecules, which are found in recreational cannabis that remains illegal in Britain. The state-run National Health Service warns there is “no guarantee” that products claiming to be medical cannabis and sold in health stores as food supplements, such as CBD oil, are of “good quality or provide any health benefits”. The UK allows the sale of hemp products that can…

Excerpt only …
READ MORE BELOW
Source : UK: Assoc For The Cannabinoid Industry Founder Says UK World’s Biggest Market After The US

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.