Weekly News Digest: June 11, 2021
This Friday, we continue to highlight some of the most significant headlines from the CBD industry. Find out what the projected revenue of the European CBD market will be in the next seven years, how internet scammers earned hundreds of dollars by tricking CBD users, and other thrilling news from this week.
1. European Commission added CBG to the list of approved cosmetics ingredients
Let’s start in Europe. Cannabigerol (CBG) is yet another compound found in cannabis plants alongside CBD. The manufacturers of CBG skincare products are pleased to confirm that this non-psychoactive compound is now classified as a safe cosmetics ingredient by the European Commission. The decision was taken by the Directorate-General for Internal Market, Industry, Entrepreneurship, and SMEs.
2. San Marino signs the Italian Ministry of Health’s Action Plan for the production of medical cannabis
A new Action Plan for the three-year period 2021-2023 was signed for cooperation in the fields of health and medical sciences between the Republic of San Marino and the Italian Ministry of Health. Among the most important innovations is the launch of a technical table on cooperation in the cultivation and pharmaceutical production of herbal medicines based on cannabis. “An important confirmation that the health care of Italy and San Marino will increasingly participate in systemic and strategic development,” comments the San Marino government.
3. The European CBD market is projected to reach 25 billion dollars in revenue by 2027
Graphical Research, a business research firm, has published the key highlights relating to the outlook for the CBD market. As usual, we are closely following the trends and projections for the European market segment. The report suggests that CBD cosmetics, and specifically products like creams and rolls-on, will witness solid growth during the analysed period. However, the potential anti-anxiety properties of CBD products will attract European customers the most, and the segment will continue to grow even more in the upcoming years.
4. Washington State University is opening its own research centre
Let’s move over to the United States. Washington State University (WSU) has opened the doors to a full-fledged interdisciplinary research centre with about 100 scientists working on various cannabis-related projects. The Centre for Cannabis Policy, Research and Outreach (CCPRO), is a result of the university’s continuous cannabis research since 2011. Over the past six years, WSU’s researchers have participated in 50 projects with nearly 10 million US dollars in funding. Recent projects include research on behavioural and biological predictors of problematic cannabis use, which was awarded a 400,000-US-dollar grant from the National Institute on Drug Abuse. “It will help us work to keep up with the cannabis industry to provide the citizens of Washington with the information they need to make informed decisions about their health and cannabis,” Michael McDonell, CCPRO director, said.
5. The Better Business Bureau urges CBD users to watch out for a free samples scam
The BBB’s Scam Tracker has received dozens of reports. The stories are more or less the same. A customer sees an attractive ad proposing free samples of CBD products. All that is required is to pay for the shipment and transaction fees. But as soon as the scammers acquire the customer’s credit card information, they charge up to 100 US dollars for a monthly subscription. Some victims report that the charges continued even after they managed to cancel the subscription. On the back of these warnings, we encourage everyone to stay vigilant and partner only with trustworthy companies.
6. Morocco to legalise cannabis agriculture.
News from the African continent: The Moroccan parliament has voted to legalise the local cultivation of cannabis for medical and industrial purposes. 119 deputies voted for legalisation, but 48 were against it. King Mohammed VI must approve the law before it can take effect. We would like to remind you that the recreational use of cannabis, as well as its sale and production, will remain illegal in Morocco.
7. A 360-degree outlook of the CBD capsule market forecasts robust growth by 2026
We would like to finish today with news about CBD capsules. In one of our recent articles, we compared CBD gummies and CBD capsules to find out about the potential benefits and advantages of both. Today, we are excited to learn that the CBD capsule market has become the centre of HTF Market Intelligence global research. The study presents a detailed analysis of the key market characteristics and envisions major drivers and obstacles.
Hopefully, our Weekly News Digest makes your Fridays a little more exciting and special. Have a restful weekend, stay tuned and contact our team of professionals if you have any further questions. See you soon!