VANCOUVER, BC / ACCESSWIRE / November 24, 2020 / Sativa Wellness Group Inc. (CSE:SWEL) ("Sativa Wellness" or the "Company") wishes to announce that following the European Court of Justice (the "ECJ") has ruled that cannabidiol ("CBD") is not a classified as a narcotic drug. The Company is on track for the submission deadline in March 2021 to the UK FSA Novel Foods Accreditation, which should now be an easy transition to the European FSA Novel Foods accreditation.
The ECJ ruling provides that CBD is not classified as a narcotic drug, and that the French ban on hemp derived CBD contradicts European Union ("EU") law. This decision opens the door for high quality, compliant CBD companies to operate in markets across the EU. Sativa Wellness welcomes this news as the Company operates CBD extraction and production facilities and markets, distributes and sells CBD products throughout the UK and the EU.
The Group have embraced the industry regulations in the UK and are on track with their extensive product range for the submission deadline in March 2021 of the UK FSA Novel Foods Accreditation which should now be, subject to the process resuming, an easy transition to the European FSA Novel Foods accreditation.
Sativa Wellness holds a unique ‘seed to consumer' position in the market, offering consistent quality control of the cannabinoid, full traceability of ingredients, manufacturing and testing with the added reassurance to the customer that each batch is QR coded which tracks back to its testing report.
From this enviable position the Company has developed the ‘Goodbody' brand - CBD you can trust. Under the Goodbody brand umbrella are the Goodbody Botanicals range for the everyday and pharmaceutical markets and the Goodbody Wellness brand, with its addition of Vitamin D, as a premium CBD brand for the health and beauty spa market.
The Goodbody range is available at retailers and direct to the consumer online through Goodbodystore.com and soon available in Europe. As part of our route to market the Company intends to focus on retail listings and selling directly online within Europe.
"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. 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!" said Henry Lees-Buckley, CEO of Sativa Wellness.
Further information regarding the Company can be found under the Company's profile on www.sedar.com.
On behalf of the Board of Directors,
Chief Executive Officer
Sativa Wellness Group Inc.
+44 (0) 20 7971 1255
Chief Financial Officer
Sativa Wellness Group Inc.
+44 (0) 20 7971 1255
Investor Relations and Communications
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Stillcanna's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates", "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" "plan is" or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur", "will be achieved" or "shortly". The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the European FSA Novel Food process, the interpretation of the ECJ ruling, the authority of the ECJ, the UK FSA application, the parallel nature of the UK FSA and the EU FSA applications, the timing of any applications to EU and UK FSA, the intention to submit applications to the UK and EU FSA, the acceptance by the UK FSA of the Novel Foods dossier, and the Company's route to market and potential marketing.
Although Sativa Wellness believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that the Company will be successful in their applications to the UK and/or EU FSA or be allowed to market CBD products in the European Union. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Sativa does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
SOURCE: Sativa Wellness Group Inc.