24 Investor Report Industrial Hemp Sector New Zealand ’ s New Export Opportunity 2020
Cannabis / marijuana retains its classification as an illegal narcotic .
In addition , the amendments exempted ( industrial ) hemp and CBD from the definition of dangerous substances .
This allowed for cultivation of hemp with less than 0.2 % THC , and products with less than 0.2 % THC are available over the counter . A range of CBD products are also available over the counter ; however , edibles are excluded from this , due to their prohibition under the EU Novel Food Regulation . This regulation requires businesses to apply for a novel food authorisation in the European Commission before they sell CBD foods . ( Designated ‘ novel ’ because there is no evidence of significant consumption before 1997 ). Although authorisation is anticipated , the application process is lengthy .
The sale over the counter of CBD hemp flowers is prohibited because they are unprocessed . Hemp flowers containing quantities of THC are only sold for scientific purposes or commercial use .
UNITED KINGDOM
Medicinal cannabis products were legalised in late 2018 , with restricted access by prescription through registered specialist doctors .
Cultivation and processing are permitted through a licensing scheme . CBD oil ( less than 0.2 % THC ) is permitted to be sold , in both pharmacies and health stores , as a nutritional supplement .
The CBD industry in the United Kingdom is one of the largest in Europe , based on imported raw ingredients . As in other jurisdictions , however , there are issues around the seller ’ s ability to make therapeutic claims .
EU
In addition to the EU Novel Foods regulation referred to above , the EU has also set up the Rapid Alert System for Food and Feed ( RASFF ), to facilitate the quick exchange of information amongst EU member countries on possible health risks related to food or animal feeds . This applies to CBD products on sale in the EU .
DENMARK
Denmark is another country which has legalised medicinal cannabis , prescriptiononly from a doctor . A small number of licences are granted , and market supply is mostly dependent on strategic alliances with international companies for all elements , including research , cultivation and manufacturing . However , CBD and other hemp based oils are controlled substances , as is cannabis containing THC for recreational use .
AUSTRALIA
Having legalised medicinal cannabis in 2016 , Australia has seen a growth in supply and demand of medicinal cannabis products . This has been limited , however , by the normal prescription / medical doctor framework , due to the need to train doctors in the medicinal benefits of the cannabinoids - especially THC and CBD .
A Senate Inquiry was set up in late 2019 to review how the medicinal cannabis system in Australia could be reformed to better serve the public .
Most products are imported ; by June 2019 , the top twenty listed cannabis companies in Australia had a market capitalisation of A $ 1.8 billion .
More relevant to this report , however , are recent moves in Australia to liberalise its narcotics scheduling of CBD to make it available over the counter in limited doses . Under the Australian Therapeutic Goods Act 1989 , CBD is listed in Schedule 4 of the Poisons Standard . The Health Department has proposed that CBD should be moved to Schedule 3 of that Standard , ( pharmacist