It has to be free of anything that could be harmful to humans. Other than that it's only traceability and liability issues.As I recall, the fundamental requirement for food grade CO2 as opposed to industrial is that it be free of traces of mineral oils from lubrication. That leaves a lot of room for other impurities.
If you buy industrial CO2, use it for food processing and somebody gets sick you're the only one liable for it as the CO2 was not intended for that purpose, so it's entirely your fault.