US private label IQ Lab has developed a water-soluble cannabidiol (CBD), the first of which can be mixed into hot beverages without breaking down.

Launching later this month at the NEC Birmingham exhibiton in the UK, IQ Lab has created its own CBD Water-Soluble Micelle NanoTechnology. It uses micelle technology to enhance the solubility and bioavailability of CBD into the human body by trapping the fat-soluble nutrient (CBD oil) inside the micelle.

This means the CBD can be mixed into beverages and foods without the risk of oil and water separation.

Naturally found cannabinoids, such as CBD, are not water-soluble compounds, resulting in CBD infused beverages that are often inefficient and slowly absorbed into the bloodstream. Using the technology, IQ Lab has also increased the absorption rate of its water-soluble CBD from one to two per cent, to eight to nine per cent.

The global CBD market is expected to grow at a compound annual growth rate of 32 per cent from 2020 to 2024, with health benefits associated with CBD oil the key factor in this market’s growth.

In Australia, the Morrison Government has approved the development of three medicinal cannabis facilities with Major Project Status in Victoria and South Australia.

Minister for Industry, Science and Technology Karen Andrews said the projects will drive economic growth and jobs, including in regional areas.

“When you combine our world-renowned agriculture sector, with our trusted reputation for medical products, Australia is in a unique position to dominate the global medicinal cannabis industry,” said Andrews.

“The Morrison Government is committed to making it as easy as possible for businesses to maximise those opportunities because we know these projects equal Aussies jobs.”

Biotech company LeafCann plans to produce “high quality, pharmaceutical grade medicinal cannabis ingredients and medicines” in Adelaide as part of a $350 million investment, and is expected to create around 1400 jobs, in addition to 850 during development.

Victoria will have two new facilities – the $140 million PhytoGro site in Melbourne’s inner west, and the $160 million Cannatrek site in Goulburn Valley – which are predicted to generate 300 and 400 jobs at full capacity, respectively.

Last August, Health Minister Greg Hunt said the federal government would boost the nation's medicinal cannabis industry by prioritising projects that have been granted Major Project Status.

Six medicinal cannabis projects have been given such status since then.

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Birds Eye has committed to sourcing post-consumer recycled (PCR) material as part of its broader sustainable packaging journey, commencing with plastic steam bags.

A new national circular economy framework will be released by the end of the year, which will outline innovations and priorities needed for the country to transition.

Raphael Geminder’s $234m bid to take full control of Pact fell short of the 90 per cent ownership he needed on Friday, resulting in the share price dropping by 9 per cent in trading this week.