• October 17, 2019
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  • CBD by the numbers: Exciting new products on the market

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    John Wallace, Managing Director of Mile High Labs, International, shares with us why CBD continues to be one of the most exciting new products to hit the marketplace and focuses here on some significant numbers in the field

    CBD continues to be one of the most exciting new products to hit the marketplace. From the offices at MHRA to the shops of the high street, policymakers, health practitioners, retailers and shoppers want to learn more about how this hemp-derived compound is created, processed and consumed.

    To help understand this “mighty molecule,” Mile High Labs offers the following information on CBD by the Numbers.

    113

    CBD is one of an estimated 113 cannabinoids that is found in the cannabis plant. Other cannabinoids include CBG, CBN, CBC and the more widely-known THC.1

    All 113 cannabinoids can be found in both marijuana and hemp plants. What typically differentiates the two is the amount of THC content in the plant. Since the passage of the 2018 U.S. Farm Bill, the term “hemp” has been used to describe cannabis plants that contain 0.3% or less THC by dry weight.

    Mile High Labs extracts exclusively from industrial hemp due to its low THC and high CBD content. The result is a line-up of compliant CBD ingredients fit for a rapidly growing number of global markets.

    2018

    The Agricultural Improvement Act of 2018,2 more commonly known as the Farm Bill, legalised hemp production in the United States. It was this legislation that essentially jump-started CBD production in America and precipitated the global interest in the product.

    That same year, the UK Government changed the law to allow doctors to prescribe cannabis under extremely limited circumstances, opening up the UK CBD market to rapid growth.

    Authorities in the European Union (EU) Member States now regard food, drink and food supplements with CBD as a “novel food.” A key regulation of novel foods is premarket authorisation which means any manufacturer intending to put CBD into food are required to apply to the European Commission.

    14% & 41%

    According to a Gallup poll, 14% of Americans use CBD. According to the report, “Younger Americans and those in the Western U.S. are most likely to report using these products, which are widely touted for their therapeutic benefits without any psychoactive effects because they contain a low level of THC.”3

    In May, Open Access Government reported that “41% of Londoners would use CBD to manage their mental health.”4

    And in early 2019, an analysis by UK-based online deals platform Wowcher revealed that purchases have almost doubled in the past year, with UK residents rushing to buy products containing the ingredient that is now used in copious health and beauty products.5

    £1,000,000,000

    According to a study by the Centre for Medical Cannabis (CMC), the market for CBD in the UK could be nearly £1 billion in six years.6 Additionally, the report provides wide-ranging recommendations for industry success, including amending existing out-of-date legislation; clarity relating to current policy; investment in medical research; and self-regulation among current business operators. Many industry commentators and members of the CMC welcomed the report arguing that clear, consistent regulation is in the long-term interests of consumers and the industry alike, ensuring standards for consistency, quality and transparency.

    7

    The Association for Cannabinoid Industry, created by the CMC, recently announced “The Cannabinoid Industry Quality Charter,” which is a seven-pillar framework to help foster a legally compliant, socially responsible and innovative CBD industry in the UK. Those pillars include a legal framework, testing, manufacturing, labelling, controlled drugs, marketing ethics and sustainability & social impact.7 Mile High Labs is a leading member of the ACI and has previously worked closely with the Centre for Medicinal Cannabis in drafting and launching its reports.

    9001

    ISO 9001:2015 is an international standard for quality management systems for companies that operate in a regulatory environment.

    The U.S. Food and Drug Administration currently does not have regulations in place for the production and packaging of dietary supplements or food containing CBD. As a result, the quality, consistency and purity of CBD products can vary significantly.

    Instead of waiting for regulations, Mile High Labs have moved forward with “self-regulation” and earned certification for ISO 9001:2015, Good Manufacturing Practice (GMP) and other certifications to elevate the industry and give customers the confidence that their CBD is of the highest possible quality.

    400,000

    The square footage of Mile High Labs’ new production facility is 400,000. Located near Denver, Colorado (the “Mile High City”), this former pharmaceutical plant allows the company to produce large quantities of tinctures, capsules, tablets, topicals and gummies in a controlled and compliant environment.

    Mile High Labs CBD isolate is the key ingredient for some of the industry’s most recognised products. With greater than 98% potency, our CBD isolate is extracted in a highly controlled environment and processed to guarantee industry-leading purity and consistency.

    While some isolate manufacturers may claim over 99% potency, there is currently no regulation for the analytical testing methods that generate these results. Statistically speaking, there will always be variability in potency testing. But some companies that claim higher potencies are merely using less accurate testing methods that could bias the results high.

    20

    20 is the number of UK residents currently employed by Mile High Labs. With offices in London and Belfast, our team of sales experts stands ready to help customers learn more about the product.

    The industry is growing, with potentially significant job creation on the horizon. In the past year, Mile High Labs has gone from opening its doors to having 11 full-time staff in its European headquarters in Belfast and a further nine in its London office and across the rest of the UK. The company also opened an office in Auckland, New Zealand with a further three full-time staff.

    What does it all add up to?

    One thing is clear: research and education are critical to the success of the burgeoning industry.

    Source: https://www.openaccessgovernment.org/cbd-by-the-numbers-new-products/75271/

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