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Sativa Wellness hails EU court decision on CBD products

The European Court of Justice has ruled that CBD is not classified as a narcotic drug and that a French ban on hemp derived CBD contradicts EU law

Sativa Wellnesss Group Inc - Sativa Wellness hails EU court decision on CBD products

Sativa Wellness Group Inc (LON:SWEL) has hailed a ruling from the European Court of Justice (ECJ) which it said “opens the door for high quality, compliant [cannabidiol] companies to operate in markets across the EU”.

The Aquis-listed firm, which distributes and sells CBD products throughout the UK and EU, welcomed the ECJ ruling that CBD is not classified as a narcotic drug and that a French ban on hemp derived CBD contradicts EU law.

READ: Sativa Wellness launches coronavirus testing clinic in Bath

Sativa also said its product range is on track to meet a March 2021 submission deadline for the UK Food Standard’s Agency’s (FSA’s) Novel Foods accreditation, which it said should now be “an easy transition” to the European FSA Novel Foods accreditation.

"We welcome the news of the EU's highest court ruling. As a UK and European company that is committed to working with regulators and delivering the highest quality CBD wellness products, this news helps to enable our expansion plans”, Sativa chief executive Henry Lees-Buckley said in a statement.

“We currently own extraction and production capabilities in Europe and see this large market as a key driver for our growth for not only our CBD isolate and distillate ingredients, but also for our Goodbody CBD brands!", the CEO added.

Shares in Sativa were trading at around 4.2p on Tuesday morning.

--Adds share price--

Quick facts: Sativa Wellnesss Group Inc

Price: 3.65 GBX

AQSE:SWEL
Market: AQSE
Market Cap: -
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Sativa Wellness Group salute EU court ruling that CBD is not classified as...

Sativa Wellness Group Inc's (LON:SWEL) Henry Lees-Buckley talks to Proactive London about the latest ruling from the European Court of Justice (ECJ) that CBD is not classified as a narcotic drug and that a French ban on hemp derived CBD contradicts EU law. Lees-Buckley says because they...

on 25/11/20

2 min read