CBD popularity is rapidly increasing and with many of the states in the USA having already legalised CBD its easy to understand why. Medical use of cannabis is also legalised in Australia, Canada, Chile, Colombia, Croatia, Cyprus, Finland, Germany, Greece, Israel, Italy, Luxembourg, North Macedonia, Norway, the Netherlands, New Zealand, Peru and Poland.
Compliance and quality are paramount and this is where companies like PhytoVista Laboratories (a subsidiary of Sativa Wellness Group Inc.) come in to play. Phytovista provide support to hemp growers, distributors and manufacturers, in testing products to provide accurate results and reassure customers that products are safe and of course compliant.
Parent company Sativa Wellness Group Inc. (AQSE:SWEL / CNSX:SWEL) are committed to producing safe, compliant and effective products that are rigorously tested to the highest standards through their in-house laboratory. Also important to note is that its Polish extraction facility has secured accreditation of its Hazard Analysis and Critical Control Point system from global quality and certification company LL-C Group, and confirmation that its operations meet the requirements of Good Manufacturing Practice and Good Hygiene Practice standards for food manufacturing and that it has submitted its Novel Food application for validation by the Food Standards Agency ahead of the 31st March 2021 deadline.
Geremy Thomas, Executive Chairman, said: “This is a significant milestone for the Company. The CBD market is likely to consolidate around the major players that put product quality and regulatory compliance at the forefront. Sales channels in the UK will open up and smaller players will likely fall away”.
The worldwide market for Cannabidiol (CBD) is expected to grow at a CAGR of roughly 32.0% over the next five years, it will reach 1251.8 million USD in 2024, from 311.8 million USD in 2019, according to a New Research study.