(Alliance News) - Zoetic International PLC said Tuesday its novel food application for its cannabidiol products has passed an administrative check from the UK's Food Standards Agency.
The application was made in conjunction with the European Industrial Hemp Association's Novel Food Consortium, which confirmed the FSA's green light.
It means London-based cannabidiol products company's products can remain on sale in the UK.
Official validation will be granted following the results of toxicological studies on CBD, which is expected in the coming months.
"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," said Zoetic Co-Chief Executive Officer Trevor Taylor.
"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."
Shares in Zoetic International were up 2.5% at 83.00 pence in London on Tuesday. The stock is up 22% so far in 2021.
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.