VANCOUVER, BC / ACCESSWIRE / December 14, 2020 / Sativa Wellness Group Inc. (CSE:SWEL) (“Sativa Wellness” or the “Company“) wishes to announce that recent rulings from the European Commission, the United Nations, and the US House Of Representatives confirm the free movement of CBD products in Europe, pave the way for expansion of medicinal cannabis research, and the federal decriminalisation of cannabis in the US.
Sativa Wellness is pleased to confirm that the European Commission (EC), the executive branch of the European Union (EU), has concluded that CBD (Cannabidiol) is not considered to be a drug within the meaning the UN Single Convention on Narcotic Drugs of 1961, following the recent landmark ruling from the EU’s highest court. As a consequence, the EC confirmed that CBD qualifies as a food, and is therefore subject to EU law on the free movement of goods among member states.
Subsequently, the European Food Safety Authority (EU FSA) has resumed reviewing novel food authorisation applications for CBD products, a decision which is welcomed by the Company, which operates CBD extraction and production in the UK and Europe.
The Company intends to submit its novel food dossier that is being prepared for the UK Food Standards Agency (UK FSA) in parallel to the EU FSA, which will be a seamless process as the submission criteria for the two agencies are aligned.
The United Nations has considered a number of recommendations from the World Health Organisation (WHO) to reclassify cannabis and its derivatives, and recently voted in favour to remove cannabis from Schedule IV of the 1961 UN Single Convention, the category of the world’s most dangerous drugs.
The Company believes that this long-anticipated decision, whilst having no immediate effect on local government classification at a country level, opens the door to recognising the medicinal and therapeutic potential of cannabis, and paves the way for additional scientific research, such as the Companies research partnership with King’s College London into the efficacy of different cannabinoids in treating respiratory conditions.
US House of Representatives
The US House of Representatives recently passed a federal bill to decriminalise cannabis at the national level. Whilst cannabis has been decriminalised in several states in the US, including California, Colorado, Nevada and Washington, it remains illegal at the federal level. The House calls for removing cannabis from the list of federally controlled substances and clears the way to erase certain federal convictions.
Whilst this bill is the first step to approval at the federal level – to become law, the bill needs to pass the Senate and be signed by the president – if passed into law, it would bridge the gap between state and federal legislation, and facilitate the emerging industry and access to medicinal cannabis across the US.
“Sativa Wellness welcomes the clarity that these regulatory updates bring to the CBD wellness and medicinal cannabis industry in Europe, the US and globally. We believe that a well-regulated cannabis sector will lead to consumers benefitting from safe, compliant and quality products, such as our Goodbody CBD brands, and opens the pathway for patients to benefit from further research into the efficacy of medicinal cannabis. This news will allow us to continue with our European expansion plans, and may facilitate the opening up of new markets in the future”, said Henry Lees-Buckley, CEO of the Sativa Wellness Group Inc.
Further information regarding the Company can be found under the Company’s profile on www.sedar.com.
On behalf of the Board of Directors,
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 “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 Commission classification of CBD as a food, the expansion of medicinal cannabis research, the resumption of the review of the novel foods authorisation 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 Company’s Novel Foods dossier, the Company’s operation of CBD extractions and production in the UK and EU, the interpretation of legal judgements and Government policies, the interpretation of the United Nations decision and its effect on the recognition of medicinal cannabis, the interpretation of the United States’ treatment of cannabis, the Company’s route to market including new or future markets, medicinal and therapeutic potential of cannabis, the future of medicinal cannabis research and the ability for patients to benefit from such research, cannabis legislation at a local government level in the US or any other country, the potential removal of cannabis from the list of federally controlled substances in the US, federal convictions for cannabis possession in the US, the acceptance of cannabis bills by the Senate &/or the president of the United States.
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.
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