Socati CEO to Address FDA Hearing, Call on Agency to Provide Regulatory Framework to Unleash CBD Industry Growth
WOODBURN, Ore.--(BUSINESS WIRE)--May 28, 2019--
Socati Corp., a leading manufacturer of broad-spectrum hemp extract, announced today that CEO Josh Epstein has been selected from among hundreds of applicants to speak at the Food and Drug Administration’s (FDA) first public hearing on hemp-derived compounds. The FDA is seeking industry responses as it evaluates regulatory pathways for products containing and derived from hemp, including CBD.
Epstein will call on regulators to act quickly to deliver guidance on claims, quality and labeling, ensuring that consumers can safely derive the greatest value from this ingredient and the U.S. economy can realize the full economic potential of this fast-growing industry .
“Regulation enables growth in every successful industry, and we have a once-in-a-lifetime opportunity to create a multibillion-dollar market that meets consumer needs and delivers the economic benefits promised by the 2018 farm bill that legalized commercial production of hemp,” Epstein said.
“But guidance is needed on critical matters such as product purity, quality manufacturing, THC-free claims and labeling transparency,” he said. “Without that, a race to the bottom is inevitable as irreputable companies continue to pop up, and consumers face harm from products that contain unknown quantities of cannabinoids or products contaminated with pesticides or heavy metals.”
The FDA hearing is scheduled May 31 in Washington, just weeks after Socati announced its acquisition of a large-scale production facility, Blue Marble Biomaterials, which has manufactured natural and sustainable specialty compounds for the global food, fragrance and cosmetic sectors.
Socati is a leading processor of broad spectrum hemp extracts. The company provides a top-quality and consistent product for a market projected to reach $22 billion by 2022. Leveraging investments in new technologies, Socati engages in large-scale manufacturing and has logistics in place to process increasing amounts of hemp biomass to meet demand. With the ability to manufacture broad spectrum hemp extracts at scale, Socati is built to serve the needs of large, international CPG companies that are seeking high-quality raw materials. To learn more about Socati, visit www.socati.com.
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CONTACT: Jarad Geldner
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA OREGON
INDUSTRY KEYWORD: HEALTH RETAIL FOOD/BEVERAGE FDA
SOURCE: Socati Corp.
Copyright Business Wire 2019.
PUB: 05/28/2019 03:54 PM/DISC: 05/28/2019 03:54 PM