RAGUSA, Italy, Nov. 24, 2020 (GLOBE NEWSWIRE) — Last week, the Court of Justice of the European Union (CJEU) ruled that cannabidiol (CBD) is not a narcotic drug. For companies like Canapar, this is a landmark ruling that could change the face of CBD sales and marketing across Europe.
“This announcement opens the door to exciting new opportunities in the European market and enables Canapar to position itself as a leader in both the continental and global CBD industries,” said Sergio Martines, CEO, Canapar. “The CJEU ruling could have positive implications, such as reopening the novel foods authorization process for CBD, that were paused by the European Commission due to the narcotic question.”
The European Union’s highest court ruled on two crucial points for the industry. First, that CBD “does not appear to have any psychotropic effect or any harmful effect on human health” (the Court also noted that CBD in question was extracted from cannabis sativa, grown legally, and with THC content not exceeding 0.2%). Therefore, CBD should not be considered a narcotic drug within the meaning of the United Nations Single Convention on Narcotic Drugs, 1961. Second, the CJEU found that the provision on Free Movement of Goods within the EU (Articles 34 and 36 TFEU) were applicable as CBD is not a “narcotic drug”.
“With this ruling, companies can begin safely rolling out made-in-Europe CBD products without fear of having their products banned,” added Olivier Dufourmantelle, Chairman, Canapar.
Canapar is in the final stages of commissioning its Sicily-based extraction facility. It has EU-grown hemp in storage, and has secured commercial contracts, positioning it to supply the EU market with high quality, made-in-EU CBD products.
Founded in Sicily, in the heart of the Mediterranean sea, Canapar is the largest high-tech extraction plant in Europe for active compounds and wellness products.
Our vertically integrated cycle starts with cultivation and continues through its transformation into high-quality pharmaceutical and cosmetic products. All this is possible through our scientific team’s research and development of highly innovative technologies and processes.
Canapar effort is to become the main reference point for both the cosmetic and pharmaceutical industry, making products of excellence thanks to the controlled process of sowing, harvesting, transformation and extraction.
When used in this news release, the words “could”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Canapar believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in these forward-looking statements and information in this news release are reasonable, undue reliance should not be placed on them because Canapar can give no assurance that they will prove to be correct. The forward-looking statements and information in this news release include information relating to the business plans of Canapar, and the officers, directors and insiders of Canapar. Risks and uncertainties may cause actualities to differ materially from those contemplated in these forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Canapar’s actualities , performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
When relying on Canapar’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking information contained in this news release represents the expectations of Canapar as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Canapar does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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