Regulating CBD As Drug Will ‘Kill The Hemp Sector’, Says EU Industry
European Industrial Hemp Association warns regulating CBD supplements as drugs will see the EU fall behind other markets such as the US and fuel the development of an unregulated black market.
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Legal experts say the EU already prohibits cosmetic use of CBD sourced from hemp flowers, and it now appears that food supplement use could be held to the same standard. The World Health Organization has recommended changes to the half-century-old international treaty governing narcotic controls, which could help to resolve the situation, but there are reports of UN pushback.
Europe's hemp industry is tired of operating in limbo and wants to secure a fully regulated CBD market as soon a possible. Industry players will pool resources and invest €3.5m to win novel food approval for a number of different CBD products.
RB CEO Laxman Narasimhan sees the potential for the company to establish a global supplements business built on the successes it has enjoyed in the US and China. The comments came as RB reported solid growth in the third quarter, despite struggles for its OTC brands.