Brains Bioceutical Corp. ("Brains Bio" or the "Company") through its wholly-owned subsidiary BSPG Laboratories ltd ("BSPG"), is pleased to announce it has received confirmation of validation from the United Kingdom ("UK") Foods Standards Agency ("FSA"), for its natural plant-based Cannabidiol ("CBD") as a Novel Food. This builds upon the previous milestone accomplishment of validation the company received earlier this year from the European Commission ("EC"), and European Food Safety Authority ("EFSA") for our European Novel Foods Application. Validation is the first step in receiving Novel Food authorization, which is now required for CBD nutraceutical products placed on the market in the UK and Europe.
The value of the UK CBD market is reported to be greater than that of vitamin C and D combined. CBD is seeing monumental demand in Europe and the market is on course to grow 400 per cent over the next four years. According to New Frontier Data EU CBD Consumer Report: 46 per cent of Europeans view CBD favourably, and up to 77 per cent of surveyed respondents also believe CBD should be accessible in some way.