Following a recent study on the CBD market in the United Kingdom conducted by the Center for Medical Cannabis (CMC), a new trade association will be launched in the United Kingdom. The trade association named Association for the Cannabinoid Industry (ACI) will bring together CBD experts and businesses that are committed to fostering a socially responsible, legally compliant, and an innovative cannabis industry.
CMC has been running the study for six months, consulting relevant stakeholders in the industry. The study review included product testing, commissioning of market sizing exercises, and running an opinion poll to establish the public’s attitude towards the cannabis industry, and CBD products. The main objective of the association will be to put the CBD consumers’ safety interests first.
The Association for the Cannabinoid Industry comes at the best time when consumer demand for CBD is rapidly increasing, leading to an influx of products in the market. According to research by the Center for Medical Cannabis, the CBD market in the United Kingdom is currently worth about £300 million. With the double-digit annual growth rate, the UK CBD market is expected to reach £1 billion by the end of 2025.
According to the regulatory and compliance lead at CMC, Dr. Parveen Bhatarah, it is critical for the marijuana industry to have strict and vigorous standard analytical testing methods. Companies in the cannabis industry face several challenges in the process of analyzing marijuana products. Without proper standardization in the industry, consumers and companies will have no resources and authority to question test results.
“The cannabinoid industry hurts from lack of standardization since there are no measures to present solutions on critical matters like defining the commonly used phrase “Zero-detectable THC.” Our efforts in tackling this subject is requisite for the cannabis industry to thrive,” said Dr. Parveen.