The Minister of Health has classified CBD contained in hemp as a narcotic substance, so that CBD extracts and oils will become illegal in Italy from October 30th. In fact, Minister Roberto Speranza signed a decree published last week in the Official Journal, in which the table “drugs based on narcotic active substances” includes “cannabidiol compositions for oral administration obtained from cannabis extracts.”
The Italian Customs Agency has warned retailers not to store and sell fibrous hemp inflorescences, oils, resins, and other products containing cannabidiol (CBD), a non-psychotic cannabinoid extracted from hemp.
A decree signed by the Minister of Health indicates that ‘CBD for oral use, extracted from hemp, will be included in the table of drugs and can be produced only with the permission of the Italian Medicines Agency’. The decision of Minister Roberto Speranza caused a lot of confusion because in the recently signed decree hemp flowers were classified as an agricultural product that can be extracted and not as a medicine.
Read more about the new decree in Italy which classified CBD as a narcotic and find more CBD news with the Hemp.im mobile app.
The CBD industry dedicated to pharmaceutical concerns?
According to the new decree, every composition containing cannabidiol (CBD) becomes a product that can no longer be sold freely. The Minister’s decision also contradicts the opinion of the World Health Organization (WHO), which recommended to all countries not to include CBD products in the table of drugs.
“Thus, the CBD market is taken away from Italian companies and put into the hands of pharmaceutical companies, despite the fact that CBD oil is not a product that can be considered psychotropic, as emphasized by the WHO,” said Luca Fiorentino, the founder of Cannabidiol in an interview with wired.it.
The decree is a threat to the entire cannabis industry in Italy, which is currently valued at $177 million (€150 million) and which currently involves 15,000 entities. The new decree will therefore have a negative impact not only on the economy but also on employment among young people.
The decision was also opposed by the parliamentary group for the legalization of cannabis, which includes more than 70 parliamentarians from various political parties, including Minister Speranza, who signed the decree.
“This is an illogical choice that severely punishes the entire cannabis sector, leaving the field open only to the pharmaceutical giants. Moreover, this decision contrasts clearly with what was promoted by the Ministry of Agriculture, which recently included cannabis products in the list of medicinal plants, thus allowing the extraction of this plant.
What about hemp-derived Cannabidiol?
There is a risk that even dehydrated hemp CBD, which is not an extract but contains the same active substance, CBD, may be considered illegal. That is not only because the Ministry of Agriculture has recently included hemp in medicinal plants, but also because a few days before the publication of the recipe in the Official Gazette, the customs office also demanded that hemp companies confirm that they are not dealing with hemp or dried hemp from fibrous hemp.
It remains to be seen what will happen in Italy with dried hemp for smoking, which is made from hemp flowers and is therefore not an extract. The dried hemp is sold as a ready-made CBD joint and loose in bags or jars over the last few years has quickly gained popularity mainly in Italy and Switzerland, but also in Poland.
Epidiolex – main competitor for CBD oils
The decree criminalizing CBD is in part a preparation for the introduction of Epidiolex, a CBD-based drug whose manufacturer, GW Pharmaceuticals, has requested permission to start selling this product on the Italian market, suggested Hemp Today. GW is slowly expanding its distribution of Epidiolex in Europe, introducing it also in the UK, Germany, Spain and France.
Epidiolex is nothing more than 10 percent CBD oil, however, the cost of a 100 ml bottle of Epidiolex is about $1,400 (~5,400 PLN). For comparison – for 100ml of 10 percent CBD oil in Poland the price is $387 – $516.5 (1,500-2,000zł). Does GW Pharmaceuticals want to eliminate the competition to offer the same product at a much higher price?
Epidiolex is effective in patients with Dravet’s syndrome and Lennox-Gastaut’s syndrome, two devastating forms of epilepsy. In 2018, GW Pharmaceuticals obtained approval from the American Food and Drug Administration (FDA) to register Epidiolex, making it the first prescription drug derived from cannabis to receive federal approval in the United States.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in FAKTY KONOPNE.PL, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
First Closing of €95M for Bio, Indaco’s New Fund Dedicated to Biotech and Pharma
Indac's new fund, Indaco Bio is focused on Italy, but will not lack significant room for investments abroad, particularly in...
The French Fintech Company Lemonway Grows 65% in Q1
In 2020, Lemonway was named among the fastest-growing FinTech startups (CB Insights 250 FinTech List) and among the 28 most...
New Government Budgets Feature Significant Increases in Tech Allocations
The magnitude and the depth of technology services that governmental entities rely on is staggering, and the significant increases in...
WeedFest Hemp Fair to Take Place in Warsaw on May 28-29
After the huge success of the previous two editions, the Hemp WeedFest Warsaw Festival returns to host enthusiasts of the...
Able Opens a €750,000 Round to Achieve CE Marking
There are currently five million people with spinal cord injuries worldwide and this figure is increasing with half a million...
Cannabis2 weeks ago
The Global CBD Gummies Market Will Reach $12 Billion by 2028
Featured2 weeks ago
Understanding the Fed’s Rate Hike: the Long Term Goal of 2.0% Inflation
Cannabis2 weeks ago
Why the Cannabis Market Has Growing Investment Prospects
Featured2 weeks ago
Latin America Prepares for Its Second Fintech Revolution