European Hemp Group Approves THC. The latest news about in this regard is here:
- A plan for the THC and CBD studies has been approved by the European Industrial Hemp Association with aim of novel food authorization.
- An update on hemp banking rules for credit unions had been issued by the National Credit Union Administration (NCUA).
Table Of Contents
- THC And CBD studies Are Approved By The European Industrial Hemp Association
- Hemp Banking Rules Update Is Issued By The National Credit Union Administration
THC And CBD Studies Is Approved By The European Industrial Hemp Association
The new studies on CBD and THC have been favored by the members of the European Industrial Hemp Association (EIHA), the main hemp industry body in Europe.
A joint novel food authorization application is based on these unique studies.
EIHA members gave their consent to submit a joint novel food application to EU and UK supremacies last year.
Last month, An update including the cost related with joint application was released by the EIHA.
Formerly, the cost estimated by the EIHA for the lab analysis of THC and CBD was about $2 million. However, double amount ($3.9 million) will be required now to invest in “unprecedented studies” on the toxicology of THC and CBD. It is expected by the EIHA that these studies will remain continue for next two to three years.
In a statement, Daniel Kruse, the president of EIHA , said that they only stand a chance if they bear the unreasonable cost jointly for the much needed toxicological studies and the long procedure ahead of us. A singlr hemp company will not be able to afford this.
It was not mentioned by the EIHA which CBD formulations and hemp-derived products will be included in the novel food applications; however,
The EIHA has not said which hemp-derived products or CBD formulations it will include in the novel food applications; however, this study will be submitted to the two organization: the European Food Safety Authority and the U.K. Food Standards Authority.
Hemp-derived products containing CBD, hemp extracts and other cannabinoids were reclassified as novel foods last year.
According to this classification, producers must have their CBD foods and supplements analysed before EU authorities will place them on the market. According to the EIHA, there is naturally occurring levels of cannabinoids in the leaves, flowers, and extracts that come from industrial hemp, so they do not fall under the scope of EU Novel Food Regulation.
Time until March 2021 is given to the CBD sellers to collect data on their products and get approval from EU authorities.
Hemp Banking Rules Update Is Issued By The National Credit Union Administration
A memo was issued by the National Credit Union Administration (NCUA) to shed some light on whether the credit unions can provide financial services to hemp businesses or not.
The update was issued as COVID-19 pandemic has also affected the legal hemp-related businesses.
In the memo, Rodney E. Hood, the chairman of, writes that the exciting new opportunities are provided by the lawful hemp businesses for the rural communities, so credit unions should decide carefully whether they can safely serve legally operating hemp-related businesses within their scope of membership.
“It is significant that credit unions stand by the federal, state, and Native American tribal rules and regulations that relate to any hemp-related businesses they serve.”
About 17 questions and answers about rules for serving the hemp industry are provided in the memo from NCUA. The agency says it is collecting data to understand and improve the kinds of assistance credit unions can provide to hemp-related businesses.
The memo was concluded by the NCUA by saying that the“exciting new opportunities” are provided by the hemp industry gives to rural communities, however, but that credit unions need to be careful about the hemp businesses they serve.
“Credit unions, that are serving the hemp related businesses, are encouraged by the NCUA to evaluate all available information related to this developing industry. The NCUA will continue to provide additional guidance as more information becomes available.”
