The landmark ruling is an important development and offers significant opportunities to Creso Pharma, which has trade agreements in Iberian markets.
Creso Pharma Limited (ASX: CPH ((FRA: 1X8)) is ready to take advantage of the decision of the Court of Justice of the European Union (ECJ) that cannabidiol (CBD) products are freely sold in the European Union (EU) allowed to. and that Member States must not prohibit the marketing of legally produced CBD.
Trade agreements are already in place in the Iberian markets and it is very well funded to pursue a number of growth initiatives.
Adam Blumenthal, non-executive chairman of Creso Pharma, said: “The ECJ’s decision opens up a number of significant opportunities for Creso Pharma in a market where the company already has an established presence.
« The European market has always played an important role in the company’s growth path and the recent regulatory change will allow us to continue a number of short-term initiatives aimed at unleashing value for shareholders.
On 19. November 2020 the ECJ ruled that lawfully manufactured CBD is not considered a narcotic.
In the decision, the ECJ found that the CBD concerned does not seem to have any psychotropic or harmful effects on human health based on the current state of scientific knowledge and therefore cannot be classified as a narcotic.
While a literal interpretation of the United Nations Single Convention on Narcotic Drugs could result in CBD being classified as a medicinal product, this would be contrary to the general spirit of that Convention, which is stated in the summary of the court judgment.
The case occurred when CBD products made from hemp made in the Czech Republic were imported into France for use in other products.
A criminal case has been initiated on the allegation that French legislation only allows the commercial use of fiber and hemp seeds.
It has been found that the above legislation does not apply to CBD derived from a whole hemp plant as it is not a listed agricultural product. Therefore, CBD products derived from hemp are not subject to the relevant legislation.
The latest regulatory change in Europe complements the recent interim decision by the Therapeutic Goods Administration (TGA) to allow Australian consumers to purchase CBD products over the counter from pharmacies without a prescription.
These developments confirm a significant regulatory shift in favor of Creso Pharma and offer growth opportunities in new countries to complement the recent strong demand for its products in Canada and South Africa.
Creso Pharma is actively exploring a number of strategies to increase market share in Europe and Australia.
According to the Orian Research Group, the current market size for CBD in Europe is around 450 million. EUR, which is 31% of the global CBD oil market share.
It is suggested that the market for CBD products could be above zero. 15% of the health and wellness market value by 2028.
According to the latest research by the Global Wellness Institute, the global wellness market has grown by 12. 9% of $ 3. 72 trillion in 2017 to $ 4. 2 trillion (€ 3). 5 trillion) in 2018.
. . .
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Creso Pharma, ASX: CPH, Court of Justice of the European Union, ASX, Cannabidiol, FRA: 1X8
World News – AU – Creso Pharma will benefit from the decision of the European Union on the Court of Justice Sale of CBD products in the EU
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