CiiTECH is one of the leading players in the CBD market in the UK, and its CEO Clifton Flack is quite optimistic about the future of CBD in the country. Flack thinks that the demand for medical cannabis is going to expand considerably in the near future.
Thus, CiiTECH is planning to add new products in its Provacan range with added THC. THC (tetrahydrocannabinol) has mild altering action. However, it can considerably increase the efficacy of CBD products in certain medical conditions at the right dosage.
The reason for this decision has been recent changes in the UK market, which has become better regulated. It means that in the foreseeable future, the medical use of cannabis products will keep increasing.
Need to differentiate between weed and medical cannabis
For a long, Flack has been skeptical about the growth of medical cannabis in the UK. This is because data shows that no prescriptions were written despite a million people using CBD for various health conditions. Without an adequate understanding of CBD products in the medical community, the medical cannabis market cannot increase.
However, in recent times, Flack has become more certain about the market for medical cannabis. Flack says that as more private clinics are opening in the UK, he foresees better acceptability of medical cannabis. In fact, it is expected that by next year more than 20,000 individuals might be prescribed medical cannabis.
Flack says that he always intended to introduce CBD products with THC but was waiting for the right opportunity. Now is the best time to introduce such a product due to regulatory changes in the UK and increased THC demand.
Flack says that, like all other CBD products, they plan to launch their THC range first in Israel and then only in the UK.
CiiTECH primarily focuses on introducing innovative products
CiiTECH has three popular CBD ranges that are Provacan, Impact, and Hugg. The company believes in delivering high-quality products that are backed by science.
It outsources its production, logistics, and e-commerce to focus more on the research in creating better products for various needs.
The company closely works with the Hebrew University of Jerusalem. It has focused lots on the role of CBD in metabolic disorders, and in recent year the company, along with the university, are exploring the role of CBD products in managing asthma.
However, the company still faces many barriers in the UK market, as one cannot make health claims for CBD derivatives. In recent times, it has started to focus quite a bit on the USA and South Africa, where one can claim specific health benefits of over-the-counter products.
UK’s joining of New Leaf Opportunities opens the door to opportunities
CiiTECH is working with TTS Pharma in the UK to get its products validated as Novel Food. Despite several concerns, the company is confident that ultimately these regulatory changes in the country will positively impact the market. Novel Food is the most significant change that the UK’s CBD market has seen in the last few years.
The company is also working with another Israeli company Kanabo, an LSE listed company, to develop innovative products.
Flack thinks that there will be massive opportunities in the UK market once it comes out of COVID and Brexit. He believes that the UK should encourage investments in the local CBD industry.