the label is definitely laurus nobilis and it is a half standard and looks exactly like the bay that we used the leaves for cullinary purposes before it was killed by the last harsh winter. It is not the common laurel hedging which has much larger leaves but the label is confusing

If it is Laurus nobilis, then it is edible, but I would give it 3 weeks to a month to allow whatever the grower or garden center sprayed it with to work its way out.

I'm familiar with these daft labels. A customer asked me exactly the same thing a few weeks ago. They are just overkill (pardon the pun) as many plants now have these on just in case. They don't distinguish between edibles and none edibles. Saves the printers changing the text all the time. Daft I know.

I agree with Tug in that any new plant should perhaps be left a while though as suggested.