Zoetic International PLC Novel Food Application (4600U)
April 06 2021 - 01:00AM
UK Regulatory
TIDMZOE
RNS Number : 4600U
Zoetic International PLC
06 April 2021
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:
Zoetic International plc c/o Buchanan
Trevor Taylor, Co-CEO
Antonio Russo, Co-CEO
Allenby Capital Limited (Financial Adviser
and Broker) +44 (0) 20 3328 5656
Nick Harriss (Corporate Finance)
Nick Naylor (Corporate Finance)
Guy McDougall (Equity Sales)
Buchanan
Henry Harrison-Topham / Jamie Hooper Tel: +44 (0) 20 7466 5000
/ Ariadna Peretz
zoetic@buchanan.uk.com www.buchanan.uk.com
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END
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