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HempFusion Wellness says its hemp-derived CBD extract achieves “major regulatory milestone”

Published: 08:59 12 Jan 2022 EST

HempFusion -
“Self-affirmed GRAS status is a major milestone that only a select few highly responsible CBD companies have achieved,” HempFusion Wellness CEO Jason Mitchell said

HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness Inc announced that its hemp-derived CBD extract, developed through an exclusive joint venture with supply partner Verdant Nature, LLC, has achieved self-affirmed Generally Recognized as Safe (GRAS) status, positioning the company to meet or exceed US and global standards for CBD products.

The company said it expects this “major regulatory milestone” to drive significant incremental revenue growth at the retail level.

“Self-affirmed GRAS status is a major milestone that only a select few highly responsible CBD companies have achieved,” HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness CEO Jason Mitchell said in a statement.

READ: HempFusion Wellness unveils $4M annual savings initiative and updates on retail growth

“Today, HempFusion (TSX:CBD.U, OTCQX:CBDHF) and its family of brands are one of the select few CBD companies that stand fully prepared to meet or exceed US & global compliance standards. This puts the business in a position to win with large retailers, and we expect this could open new retail opportunities,” Mitchell added.

The company noted that under the federal Food, Drug, and Cosmetic Act (FD&C Act), an expert panel can determine a substance is generally ‎recognized as safe using scientific procedures.

HempFusion said the expert panel, in accordance with US Food and Drug Administration (FDA) requirements, deemed the company’s hemp-derived CBD extract safe for human consumption, thus providing a legal pathway for use in foods and beverages and making the extract eligible for use in dietary supplements.

It added that in addition to this self-GRAS status, the company has also prepared a New Dietary Ingredient Notification (NDIN) and will submit the dossier when a regulatory pathway for the use of CBD as a dietary supplement is established. 

HempFusion noted that there are currently three bills in front of the US Congress that would legalize CBD in food, beverages, and dietary supplements.

With self-affirmation of GRAS, upcoming NDIN, and the recent publishing of its toxicology manuscript, the company said it is now poised to address major compliance issues that large retailers and online sellers seek to overcome. 

HempFusion Wellness is a health and wellness company whose family of premium consumer brands include HempFusion, Sagely Naturals, Apothecanna, and Probulin Probiotics, one of the fastest-growing probiotics companies in the US, according to SPINs reported data.

Utilizing the power of whole-food hemp nutrition, the HempFusion family of brands’ product portfolio comprises 112 stock-keeping units (SKUs) including USDA Organic Certified Tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, probiotic supplements and skincare products, a Doctor/Practitioner line, a White Label division and more. With a strong focus on research and development, HempFusion Wellness has 43 products under development.

Contact Sean at sean@proactiveinvestors.com

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