The GCI Virtual Summit is a curated online festival that brings together the world leaders in cannabis. Data analysts, lawmakers, activists, doctors and everyone in between with interest and insight into the world of cannabis.
Taking place online over the 11th and 12th November 2020, there were a number of talks that caught our eye this year.
Here’s a rundown at everything we learned at just three of them.
What happens in 2020 and beyond with Tim Phillips
A really insightful talk that we attended came from Tim Phillips of CBD Intel. Tim discussed the immediate future of CBD and what we can expect in the future.
He started by analysing what happened in 2020 which included noting a potentially alarming sales drop. While initially, the year started with a massive surge in sales, outlets were now reporting that this had begun to taper off. Tim pointed out that this wasn’t out of the ordinary.
He also noted that CBD’s pricing on average is decreasing. Again, this has alarmed certain people in the industry but he assured his audience that this was a natural market trend. CBD retailers shouldn’t be too alarmed or surprised but should naturally take note of where the market is going.
He also highlighted that there is consolidated consumer interest in a narrowing range of product types. In particular, he pointed out two product areas which are seeing a more concentrated interest in spending. For savvy retailers, these could be the types of products to keep in plentiful supply:
- 10ml CBD oil bottles
- 500mg, 1000mg, 1500mg CBD
Rise and fall of CBD products
Though CBD oil has been the most popular product for a long time. CBD Intel predicts that this trend will not continue. Already in the United States, other products, such as topicals and edibles are becoming just as popular if not more popular.
Why this is the case could be for a number of reasons. Oils can often have a bitter taste which isn’t always palatable for many. It can take some getting used to and even though there are flavoured oils out there, it’s arguably not enough.
Edibles and topicals on the other hand are gaining popularity. In these formats the taste of CBD can be easily hidden and generally, it’s a more straightforward manner of ingestion.
Positive Scenario vs Negative Scenario
At the end of the talk, Tim Phillips gave CBD Intel’s projected outcomes for the next decade – the positive scenario and the negative scenario.
In the positive scenario, CBD will continue its steady rise and could lead to being a half billion USD industry. There have already been many articles outlining the growing popularity of CBD so this was none too surprising to those in the CBD world.
There was also a harsher negative scenario. Tim stressed that his feelings leant towards the positive scenario outcome. But a much more negative outcome is also possible.
This outcome would be marked by uncertainty and complications arising from the Novel Foods Regulation. The new regulatory system might suffer from delays, damning toxicology reports might hurt brands, and this could cause a real slump in the market.
Seeing the problems that plague the industry, investors might be far less likely to invest and slowly the market would decline.
However, he did point out that because UK companies would be afforded a Novel Foods Certificate far quicker than the EU brands, they would be ahead of the competition.
The State of CBD and Novel Foods (with Richard Gaedo)
Richard Gaedo is the Head of cannabis and regulatory team for Mackrell Solicitors with a lot of insider-knowledge to dispense. We were particularly keen on attending this one as the conversation around Novel Foods applications are often fraught with misinformation and disillusionment.
For our part, we believe that greater regulation on the CBD market is much needed. At the moment, there are many companies that advertise products which don’t match the subscriptions of what they’re selling. However, the Novel Foods application situation is far from perfect.
Richard Gaedo began by recapping the reclassification of CBD as a novel food in January 2019. Since that time there has been a ‘hoo-hah’ as he put it, and CBD companies are scrambling.
Among the many problems caused by the Novel Foods application, Gaedo said the deadline, in particular, will likely cause problems. With the concurrent timeline of Brexit, many companies find themselves paralysed trying to decide on the correct move. Should they contact the British Food Standards Agency (FSA) or the European Food Safety Authority (EFSA), just as one example.
On the whole, the FSA nor the EFSA hasn’t made anything easy for CBD companies.
Richard Gaedo pointed out that requirements from the FSA aren’t clear cut. Even those working within the FSA are unsure of what obligations companies will have to meet. This has caused CBD retailers a real headache as they attempt to adhere to the new regulations.
THC limits in CBD products
There were also some interesting tidbits of knowledge that it was great to receive confirmation on. Of particular interest to CBD retailers in the UK is the THC limit.
Up to now, many were under the impression that the upper limit of legal THC content was 0.2%. This is not true, however.
CBD products must now strictly adhere to a rule of 1mg THC in their products. This is the legal limit.
Get your novel food applications in
Gaedo stressed that companies should not delay in putting their applications together. It’s a long and involved process that will require a lot of work and time. If you want to be involved in the CBD industry over the next five to fifteen years, your company needs to have this documentation on their side.
Gaedo recommends that retailers put their applications together and submit it as soon as possible. While the FSA are not “officially” looking at submitted applications, he said, unofficially it’s a different story.
The Disconnect between Policy, Products, and Patients
The final talk that caught our eye was a roundtable (round-zoom?) discussion between Carly Barton, Crispin Blunt, Dr. Anne Katrin Schlag, and Leon Barron.
Each member of the talk brought their own unique insight into the disconnect between CBD policy, products, and the patients in need.
Carly Barton likened the situation to a series of bubbles in which all the entities are separate from one another. She believes that this is born from historical and institutional stigma and that only through science and education can the gaps be bridged.
Dr. Schlag agreed, saying that education was needed to remove the stigma. She said that education on the topic needs to extend to third level, where endocannabinoids need to be part of curriculums rather than once-off lectures.
Crispin Blunt brought his own perspective from the corridors of Westminster. Since 2018, cannabis prescriptions have been legal under NHS guidelines and as far as many politicians are concerned, that should be the end of it. Crispin said that trying to convince these MP’s and other members of government of the very real unresolved issues of cannabis access is an uphill battle. Essentially, these lawmakers need to have the information forcefully presented to them.
One commonly agreed-upon way to overcome this disconnect is through education. Education at the third-level, education in the halls of government, and education for the everyday consumer, are all necessary to overcome this problem.
While no means easy, it will ultimately give doctors more tools to help their patients, and similarly, patients will have greater access to care. Additionally, police will have less unnecessary work to deal with.
Conclusion – GCI Summit
By next year we hope it’s possible to have real-time meetups; however, the virtual summit was more than enough. We wholeheartedly recommend anyone interested in learning more about cannabis and CBD to attend next year’s summit.
420 Deals – Best Delta 8 Products To Shop For Now!
As 420 has finally arrived, we have created a short-list of our top 420 deals with the best Delta 8 THC products to shop for now! These deals offer us a rare opportunity to stock-up on some of the top Delta 8 products available today, for a fraction of their regular price. For every deal […]
The post 420 Deals – Best Delta 8 Products To Shop For Now! appeared first on CBD Testers.
As 420 has finally arrived, we have created a short-list of our top 420 deals with the best Delta 8 THC products to shop for now! These deals offer us a rare opportunity to stock-up on some of the top Delta 8 products available today, for a fraction of their regular price. For every deal in this list we have included a special coupon code. Don’t forget to use it as it will provide an additional discount!
These 420 deals are updating daily, so keep returning here, as weare going to have a very exciting week. As always, the best Delta 8 THC deals are reserved for the subscribers of the Delta 8 Weekly newsletter, so make sure to SUBSCRIBE, or use the sign-in form below.
One last thing, as a result of the NEW VAPING BILL, Delta-8 THC vape cartridges will only be available until April 26th, so this is you LAST CHANCE to stock-up…
Best 420 Deals – Top Delta 8 THC Products To Shop This Week
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IMPORTANT : As a result of the NEW VAPING BILL, Delta-8 THC vape cartridges will be available online only until April 26th. Once 420 deals are finally over, the curtain falls on online sales of Delta 8 vape carts…
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Free Samples Of Delta 8 THC Gummies
10 Easy Ways to Be Healthy
How often do we catch ourselves saying things like “oh I should eat healthier”, “I should live healthier”, “I should take better care of myself”. But …
We hope that you’ve found something helpful on this list of 10 easy ways to stay healthy. Being healthy is actually a lot easier than you think, you just need to be ready to put your mind to a few subtle changes in your day. Remember to drink enough water, get enough fresh air, plan your grocery trips and maybe think about how natural supplements could help you. Here’s to a long, happy and easy future you!
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