COWEN COLLABORATIVE INSIGHTS February 25, 2019 guarantee quality control and compliance. However, this is practiced under “self- supervision” requiring the company to register products prior to market placement. In a recent years, the FOPH has been removing CBD products from storefronts due to lack of self-compliance, transparency and false claims. Swiss law also permits CBD to be used in pure or synthesized form for cosmetic products. The Federal Food Safety and Veterinary Office regulates cosmetic products as well as products that contain hemp-derived ingredients and CBD liquids for e-cigarettes. None of these products can make any pharmacological claims. The Federal Office for Agriculture regulates hemp seeds, oil, fiber, etc, and seeds must be certified and listed under the European Union’s Common Catalogue of Varieties. From 2017 to 2018 there was an influx in the number of cannabis companies in Switzerland, leveling off from around 500 companies to around 100 companies. While many are supplying the local market, a number of companies are exploring and exporting to neighboring markets (e.g. Italy, France, Germany). Beyond their geographical advantage, Switzerland also is recognized for its quality and sophisticated pharmaceutical sector. At the end of 2018, LGC Capital entered a partnership with Viridi, a Swiss cultivator, processor and distributor of high-CBD products. Wayland acquired Haxon AG, a Swiss hemp producer of 1% THC products. Creso Pharma Limited entered into an agreement with Hempmate Zurich AG for further expansion into the European CBD market. France Medical cannabis has been legal in France since 2013 and Marinol has been the only product prescribed. In 2018, the ANSM launched an investigation to explore scientific data for therapeutic uses of the plants, type of eligible conditions and consider regulatory frameworks in other legal medical markets. An initial recommendation found that legal medical cannabis should be authorized and final recomm