Charlotte’s Web Holdings, the company that just launched the entire CBD industry, announced this week that it has just been approved for inclusion on Health Canada’s List of Approved Cultivars (LOAC) for 2021. Three patented cannabis strains have successfully gained access to the Canadian market.
Jared Stanley, co-founder and chief grower of Charlotte’s Web, says the company plans to take the lead in the Canadian CBD cannabis market. Currently, most of the hemp varieties approved under LOAC are for the production of industrial hemp for food, fiber and feed, Stanley said. Our approved strains now pave the way for the full demand for CBD-based cannabis in Canada and, more importantly, will provide access to Charlotte’s web products in Canada.
Largely due to regulatory differences between Canada and the United States, the market for CBD products in Canada is quite small. Health Canada currently regulates CBD products in the same way as products containing more than 0.3% THC. In the United States, a checkerboard of federal laws, the 2018 Farm Bill, and subsequent state cannabis programs have led to tremendous growth in the market for CBD products.
Charlotte’s Web is one of the leading CBD cannabis companies in the United States. According to Deanie Elsner, President and CEO of Charlotte’s Web, the company hopes to expand its global presence with the upcoming expansion into Canada. Today, Charlotte’s Web is the leading cannabis wellness company in the U.S., with the most recognized and trusted CBD cannabis extract, Elsner said. Our goal is to become the first botanical wellness company in the world to operate in states with a light power model, where federal law allows cannabis extracts for health and wellness. Israel and Canada are included in the initial stages of our international expansion.