FastForward Innovations Ltd (LON:FFWD) said its investee company Yooma Wellness Inc, a maker of cannabinoid and hemp-derived wellness products in which it holds a 5.1% stake, has had its cannabidiol (CBD) food products from its MYO Plant Nutrition and Blossom brands added to the UK Food Standard Agency’s novel foods list.
The addition means the MYO and Blossom products have been granted validation to stay on sale in the UK market, with Yooma saying full authorisation is expected within nine months following a safety assessment.
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"This approval represents a significant milestone for the MYO and Blossom brands. This is a meaningful evolutionary step for MYO and Blossom; one which creates a significant barrier to market entry”, Yooma chairman Lorne Abony said in a statement.
"We're delighted that the U.K. FSA (Food Standards Agency) has included in their public list ten products from portfolio brands MYO Plant Nutrition and Blossom. The validation cements our position as a leading and trusted U.K. and European supplier of branded ingestible CBD products", added James Lawson Baker, Founder of MYO Plant Nutrition.
Shares in FastForward rose 2.6% to 8.8p in early deals on Thursday.