- Cann Group (CAN) gets the tick of approval from the UK Foods Standards Agency (FSA) for its Satipharm range of CBD products
- The company said this is a “major opportunity” as it allows its CBD products to be sold in the UK
- The capsules are clinically proven to deliver around 3.5 times higher total bioavailability compared to standard CBD oil
- On the market, Cann shares were up 7.84 per cent and trading at 27.5 cents per share
Cann Group (CAN) gets the green light from the UK Foods Standards Agency (FSA) for its Satipharm range of CBD products.
The company said this is a “major opportunity” as it allows its CBD products, made by its European subsidiary Satipharm, to be sold in the UK.
Satipharm has been supplying the capsules in the UK market since 2016, however, new regulations in 2019 required all suppliers of CBD food supplements to submit applications for novel food authorisation.
This news marks a milestone for the UK CBD industry and removes any uncertainty within the supply chain around CBD products.
The CBD capsules are clinically proven to deliver around 3.5 times higher total bioavailability compared to standard CBD oil.
“Over 800 product dossiers were submitted by various CBD manufacturers to the UK FSA for review. Of these, the FSA has rejected over 600 dossiers which did not satisfy the validation criteria,” CEO Peter Crock said.
“The inclusion of the Satipharm products in the list demonstrates Cann’s real commitment to quality and consumer safety. We see this as a great opportunity to accelerate our sales of the Satipharm range in the UK and we look forward to keeping our shareholders updated as our distribution and sales grow in the coming months.”
On the market, Cann shares were up 7.84 per cent and trading at 27.5 cents per share at market close.