by Grow Up Conference | Jun 7, 2024 | Cannabis News Wire, Media Partners
Last week, Japan launched the public-comment period for its marijuana reform measure, providing new details on how its budding marijuana industry would look over the next few months. This comes after the country’s Ministry of Health, Labor and Welfare published a document suggesting changes to allowable THC amounts in some products in February.
Preliminary proposals suggest that Japan may become the first country to approve CBD in food.
Astrasana Holding AG managing director, Yves Antoniazzi, revealed that the company has been waiting a long time for this, noting that it was a big milestone for the global marijuana industry. He noted that Japan becoming the first country to approve CBD in food would make it easy for corporate companies to list CBD products in retail chains. Astrasana currently has a foothold in Japan’s CBD market.
This latest move by the country comes after it made a major step toward marijuana reform after approving a resolution to amend its decade-old Cannabis Control Act in October 2023. The amendment, which was approved by the House of Councillors in November last year, lifted a ban on marijuana-based pharmaceutical products and moved marijuana to a different class under its Narcotics Control Law.
After approving the amendment, authorities in the country began straightening out the details of these reforms. Since then, the marijuana industry has been waiting for an announcement from the Ministry of Health, Labor and Welfare outlining the new framework.
The recently launched comment period shall run through mid-to-late June. It affords CBD businesses and medical professionals an opportunity to assess the draft measure and raise any concerns they may have before a final decision is made and the amendments enacted. The comments shall focus on different measures of the new legislation, including methods to analyze THC, law enforcement, first- and second-class reviews on cultivation licenses, and the development of related regulations and laws.
The amendment of these areas may allow Japan’s medical marijuana and CBD industries to flourish.
Currently, the country allows the sale of products with CBD but prohibits the sale of products with THC. Reports suggest that this may change, moving THC limits from 0 to 0.3%.
It is important to note that any individual found illegally using marijuana under the revised law could face up to seven years in prison. Prior to the 2023 amendment, only violations for export, import, possession and cultivation were punishable by law.
Regarding hemp, Japan allows the growing of commercial hemp under a strictly regulated licensing system.
While the proposed reforms may not be as extensive as advocates would have preferred, they nonetheless send positive signals to the wider marijuana industry, such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), and its actors regarding the possibility of ending prohibition around the world in the years to come.
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by Grow Up Conference | Jun 7, 2024 | Cannabis Prospect Magazine, Media Partners
Lifeist Wellness Inc., a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today announced the sale of Australian Vaporizers Pty Ltd., its wholly owned Australian subsidiary to Flora Growth Corp., a U.S.-based consumer-packaged goods and pharmaceutical distributor serving all 50 states and 28 countries. The sale was completed through a share purchase agreement (the “SPA”) entered into between Lifeist, as vendor, and Flora Growth Corp, as purchaser, pursuant to which Lifeist has sold the issued and outstanding shares of Aussie Vapes to Flora, for total consideration valued at approximately C$900,000, payable by Flora issuing from treasury to the Company 550,000 Flora common shares.
“We are pleased to announce the sale of Aussie Vapes to an organization whose core business is an excellent fit for Aussie Vapes and that is well positioned to allocate specialized management resources to that market, catalyzing faster growth,” said Meni Morim, CEO of Lifeist Wellness. “Although our original sale agreement with Flora was terminated, we have remained in contact and were able to ultimately arrive at mutually agreeable terms for the sale of Aussie Vapes. We have continued to develop the business and adapt to the rapidly changing regulatory environment in Australia, but it remained a non-core asset for Lifeist. The sale allows Lifeist to exit the Australian devices market and focus our attention on more aggressively developing core assets in North America, while at the same time strengthening our cash position.”
The terms of the sale of Aussie Vapes represent a substantial improvement over the previous agreement announced September 18, 2023. With the present sale, Lifeist has delivered C$400,000 of inventory (vs. C$1.1 million of inventory in the previous agreement) and C$50,000 cash (vs. C$450,000 cash in the previous agreement). This represents a C$1.1 million improvement in working capital to the benefit of Lifeist shareholders. The sale also provides Lifeist shareholders with immediate meaningful exposure to positive developments in the U.S. market through a significant position in Flora common shares, with the potential for further cooperation with Flora in the future as events unfold.
The transaction does not involve any Non-Arm’s Length Parties (as defined in TSXV Policies). Kronos Capital Partners Inc. acted as financial advisor to Lifeist in connection with the transaction.
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: Mikra, a biosciences and consumer wellness company developing and selling innovative products for cellular health and CannMart, a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards.
Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
https://wearemikra.com/
https://cannmart.com
by Grow Up Conference | Jun 7, 2024 | Cannabis Prospect Magazine, Media Partners
Aurora Cannabis Inc., a leading Canada-based global medical cannabis company, announced today that it has scheduled a conference call to discuss the results for its fourth quarter and fiscal year 2024 on Thursday, June 20, 2024 at 8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time. The Company will report its financial results for the fourth quarter fiscal year 2024 before the opening of markets that same day.
Conference Call Details
| DATE: |
Thursday, June 20, 2024 |
| TIME: |
8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time |
| WEBCAST: |
Click Here |
Miguel Martin, Chief Executive Officer, and Simona King, Chief Financial Officer, will host the conference call and question and answer period. This weblink has also been posted to the Company’s “Investor Info” link at https://www.auroramj.com/investors/ under “Events”.
About Aurora Cannabis
Aurora is opening the world to cannabis, serving both the medical and consumer markets across Canada, Europe, Australia and South America. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company’s adult-use brand portfolio includes Drift, San Rafael ’71, Daily Special, Tasty’s, Being and Greybeard. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, wellness and adult recreational markets wherever they are launched. Learn more at www.auroramj.com and follow us on X and LinkedIn.
by Grow Up Conference | Jun 7, 2024 | Cannabis Prospect Magazine, Media Partners
For its fiscal year ended March 30, 2024, the Société québécoise du cannabis (SQDC) posted total sales of $662.1 million, compared with $601.9 million for the preceding fiscal year. The company reported comprehensive income of $104.1 million versus $94.9 million in fiscal 2022-2023. To this can be added the government revenues generated by its operations in the form of consumer and excise taxes, estimated at $217.3 million, with $157.4 going to Québec and $62.6 million to the federal government. The SQDC’s total contribution to the Québec treasury is therefore $258.8 million.
The $104.1 million in net income and the Québec portion of the excise tax are remitted in full to the Ministère des Finances du Québec and earmarked primarily for cannabis-related prevention efforts and the fight against the effects of psychoactive substances.
For the fiscal year ended March 30, 2024, the SQDC achieved a sales volume of 122,478 kg of cannabis, a 15.0% increase from the preceding fiscal year (106,626 kg in fiscal 2022-2023). The SQDC’s market capture rate thus reached 62.8%1 in fiscal 2023-2024. The company’s sales grew 10% from fiscal 2022-2023, totalling $662.1 million. It should also be noted that fiscal 2023-2024 year had 53 weeks, compared with 52 weeks for the preceding fiscal year.
First year of the deployment of the SQDC Strategic Plan 2024-2026
Highlights of the SQDC’s 2023-2024 fiscal year included marking the first five years of its existence, implementing its second strategic plan and the November 2023 appointment of its new president, Suzanne Bergeron.
Guided by its determination to constantly serve customers better, the SQDC, during this first year of its latest strategic plan, added new categories to its product offer and expanded the coverage area of its 90-minute delivery service, all part of a logical process to improve accessibility. It also worked to increase organizational effectiveness by upgrading structuring systems.
In fiscal 2023-2024, the SQDC had sales totalling $662.1 million, corresponding to 112,478 kg of cannabis sold, compared with $601.9 million and 106,526 kg in fiscal 2022-2023. This growth is partly due to the end of the labour dispute in November 2023 and a return to normal operation in the 24 stores targeted by the strike. It also reflects the efforts made by the SQDC to meet customers’ expectations as part of its mission to migrate cannabis users aged 21 and over to the legal market. At the end of the 2024 calendar year, it was estimated that 62.8%1 of users had migrated to the legal market, corresponding to a 6.8% increase over the 2023 estimate.
Sales by Network
The SQDC’s network of 97 stores, the same number as last year, generated sales of $622.1 million ($567.8 million in 2023). In volume terms, store sales totalled 114,804 kg of cannabis (100,254 kg in 2023). For their part, sales made through the SQDC.ca website reached $40.0 million (compared with $24.1 million in 2023), giving a total volume of 7,672 kg (6,272 kg in 2023). All told, the SQDC completed 16.1 million transactions (13.9 million transactions in fiscal 2022-2023), with prices ranging from $3.21/g to $15.69/g, all products taken together.
Responsibility: a core corporate value
Adhering to its value of responsibility during the fiscal year, the company continued building closer ties with local producers in order to carry Quebec products, which are sought by customers. This year, the SQDC increased its proportion of Quebec-based producer partners to 59% and of its Québec Grown product offer to 46% (the Québec Grown identifier is reserved for products mostly grown in Québec).
The 2023-2024 fiscal year also saw the launch of the company’s Social Responsibility Plan 2024-2026. It should be noted that the SQDC had an excellent CSR record in fiscal 2023-2024, reaching all 13 of the 2024 targets it had set for itself. Especially notable is that nearly 76% of the product packaging sold by the SQDC now meets eco-responsible criteria. The company is also continuing to collaborate with its main value chain stakeholders to coordinate efforts aimed at reducing the environmental impact of the cannabis product packaging and containers sold at the SQDC.
The French-language version of the SQDC Annual Report 2024 is now available on SQDC.ca. The English-language version will be published soon.
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1. This rate is based on an estimate made by the Ministère des Finances du Québec during the fiscal year.
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About the Société québécoise du cannabis (SQDC)
The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers’ health and safety. The company is committed to offering quality products and informing and advising consumers on how to minimize the health impacts of cannabis. The goal is to shrink the illegal cannabis market in Québec. All the SQDC’s profits are remitted to the Fonds de lutte contre les dépendances, a fund managed by the Ministère des Finances du Québec, and earmarked primarily in cannabis-related education, prevention efforts and research. For more information, visit SQDC.ca.
by Grow Up Conference | Jun 6, 2024 | Media Partners, Stratcann
The Société québécoise du cannabis (SQDC) reports $662.1 million in sales for the fiscal year ending March 30, 2024, with a net income of $104.1 million.
On top of this, the province reported $154.7 million in tax revenues from its operations in the form of consumption and excise taxes, and contributed $62.6 million to federal coffers.
According to the agency’s most recent quarterly report, the SQDC’s contribution to the Quebec state amounts to $258.8 million with net income and taxes combined.
This is an increase from $232.7 in total revenue for Quebec in 2022-2023 from $94.9 million in net income and $77.8 million in the province’s share of excise taxes, along with $50 million in QST.
The province says revenue from sales and tax are entirely paid to the Ministry of Finance of Quebec, and intended in particular for prevention and research in cannabis and the fight against misdeeds linked to the use of psychoactive substances. This claim, however, has come under scrutiny recently.
For the fiscal year ending March 30, 2024, the SQDC reports selling 122,478 kg of cannabis, an increase of 15% compared to the previous year (106,626 kg in 2022-2023). The majority of these were dried flower (97,918 kg), while 24,560 kg were for other cannabis products.
The province estimates that this means the legal market in Quebec served 62.8% of the total cannabis market for 2023-2024, down slightly from 2021.
The 2023-2024 fiscal year also has 53 weeks compared to 52 weeks for 2022-2023.
The vast majority of the $662.1 million in sales were from brick-and-mortar SQDC stores, and just over $40 million were from the SQDC’s online portal.
The SQDC brought in a new president and CEO in 2023, Suzanne Bergeron, replacing Jacques Farcy.
“While our network of branches is now well established across all regions of Quebec, I have the pleasure of joining forces with our committed teams to offer our customers—the heart of our operations—support, simplicity, the quality/price ratio and the choice it seeks, in compliance with our legal framework,” says Bergeron (translated). “Hand in hand, we worked this year to deploy new initiatives to better support and advise our customers, including the expansion of the 90- minute delivery coverage area as well as the new product offering, new formats.”
Quebec has the highest age of access for cannabis in Canada at 21, and all sales are through the 98 provincially-run SQDC stores. All products sold in Quebec have a cap of 30% THC, including edibles and the limited amount of extracts available like hash. Quebec also does not allow people to grow cannabis at home (other than with medical authorization) and has a very limited array of edibles available for sale.
Vapes coming to Quebec?
Cannabis vapes are not allowed in Quebec, although the most recent annual report appears to imply it may consider allowing those sales in the future to more effectively compete with the illicit market, considering the prevalence of these products in the illicit market in Quebec and elsewhere. The report notes (translated) this “well-established trend to which the SQDC cannot remain indifferent given its mission of converting the illegal market”).
“Malgré le fait que la SQDC ne vende pas de produits de vapotage de cannabis, selon l’Enquête québécoise sur le cannabis réalisée en 2023, 31 % des consommateurs et consommatrices de cannabis ont consommé ce type de produits, ce qui constitue une augmentation de 12 % par rapport à l’année dernière et, donc, une tendance bien installée à laquelle la SQDC ne peut rester insensible compte tenu de sa mission de conversion du marché illégal””
A survey from the SQDC in 2023 showed that 31% of consumers have used a cannabis vape despite the products being banned in the province, an increase from 12% in the previous year.
PEI is the only other province to currently ban the sales of cannabis vapes. Newfoundland and Labrador, which had previously banned cannabis vapes, began allowing their sale in 2022.
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by Grow Up Conference | Jun 6, 2024 | Grow Opportunity, Media Partners
The Kahnawake Cannabis Control Board posted the feedback it received from on a pair of new amendments to the community’s cannabisregulations recently.
That feedback? There’s not a lot of it, said Kahnawake Cannabis Control Board operations manager Matthew Ferrante.
“No, there’s not a lot of it,” he said. “The feedback we did get was that some of the community’s members don’t want us to adhere slavishly to Health Canada standards for such things as suppliers, providers and the like, but they have standards that have been set that we can definitely shape and mold to the community’s standards.”
Ferrante said the KCCB will, in fact, have its own standards, but that the Health Canada standards around cannabis agriculture provide a good jumping-off point from which to proceed.
“Well, this is Kahnawake, so obviously we’re not just going to blindly follow federal regulations, but we did sort of build our laws out using that as a starting point,” he said.
In the report itself, which is available for viewing at kahnawakemakingdecisions.com, the KCCB answers this question by reminding readers that from a regulatory standpoint, Health Canada’s resources are considerable.
“It must be noted that while the ultimate goal has always been to have complete control and jurisdiction over the cannabis industry, we are not currently equipped to replace the role of Health Canada,” it said.
by Grow Up Conference | Jun 6, 2024 | Extraction Magazine, Media Partners
Like so many things, those tiny packs of rolling papers you keep in your wallet for when you want an impromptu doobie are more than meets the eye. From exotic ancient civilizations and cultures, through the mountains of Spain, and then onto the shelf of your local favorite smoke shop, rolling papers have had a wild ride through the ages.
Origins of Rolling Papers
More or less, the original evolution of rolling papers is essentially tied together with the advent of European tobacco usage in the latter half of the previous millennium. However, there is evidence from ancient Chinese literature that mentions wrapping tobacco and medicinal herbs in some form of rice paper. This evidence is believed to have been dated as far back as the Tang Dynasty during the 8th century.
The New World & Back Again
Beyond ancient Chinese texts indicating rolling paper usage during that time, the next time rolling papers became a significant part of popular society was the late 15th century in Europe. At that time many nautical explorers, including Columbus, were returning back to Europe with large bounties of exotic goods–including tobacco and tobacco leaf-wrapped cigarillos from the natives in Hispaniola and subsequent conquered American lands.
As was with most things exotic and new, it immediately belonged to the rich and ruling classes. Cigarillos became a common form of smoking tobacco wrapped in paper at that time. Aristocrats would of course dispose of their cigarillo remains on the ground, prompting those less-fortunate to retrieve them. The cigarillo “shorts” were then re-rolled with whatever type of paper peasants, paupers, and gypsies could find.
Alcoy
The process of rolling loose tobacco into a small piece of paper eventually spread to the municipality of Alcoy, Spain. This area was already known to have had some papermaking influence brought to it from the Spanish Moors and eventually established itself as the paper hub of Spain.
Once the common-man practice of smoking tobacco out of rudimentary sources like newspaper stock was introduced to the high-quality papermakers of Alcoy, rolling papers dedicated primarily to tobacco were introduced.
France
By the 17th century, rolling and smoking tobacco had become widespread across parts of Europe. French soldiers returning home from Spain also brought rolled tobacco back home with them. Once the 1800s came around, the industrial revolution spurred with it the mass production of rolling papers.
19th Century
Once the popularity of what were now deemed “cigarettes” reached to the later half of the 19th century, innovations like rolling mills and machines had been invented to mass produce rolling papers much more efficiently.
These innovations were able to put more cigarettes into more hands at a much faster and affordable clip, thereby infiltrating all levels of society.
Rolling Papers in the 20th Century & Beyond
Once the 20th century rolled around, tobacco and tobacco products such as rolling papers became a massive industry with lots of competition and product choices. Nowadays, the RYO (roll your own) market is super massive and expected to eclipse an estimated $10.5B in 2028.
Factors such as the high cost of retail cigarettes and the rise of cannabis usage during this time have contributed significantly to this industry. Since the 1960s dawn of counterculture, a wide variety of rolling paper options have been created and geared towards cannabis smokers rolling (and even packing) their own joints, blunts, and blunt wraps.
Rolling Paper Compositions
Simple innovations such as creating the very rolling paper booklet form inside your beat-up old wallet were also a major development just over a century and a half ago. Previously smaller pieces would have to be hand-cut by smokers from a much larger sheet each time. Nowadays, smokers have an abundance of choices.
Fibers
The fibers of rolling papers include softwood pulp paper and other “ragwood” (nonwood) materials. Each of these options are
- Flax – derived from the plant of the same name, flax is a natural fiber that has a decent toughness to it.
- Rice – Often seen as the most additive-free rolling paper option, rice papers burn slow and are super thin
- Hemp – hemp is basically an industry standard now due to its often organic nature that is also tough, burns slow, and typically features little-to-no additives
- Blunts – made from nicotine-rich tobacco, blunt paper is much thicker than traditional rolling papers and burns slow. Often contains many additives.
Additives
In order to get what they deem the right consistency and look, rolling paper manufacturers add many different additives to their rolling papers–often to the detriment of the very smokers that use them.
Bleaching is a common practice of adding chemicals to the plant fibers to get them a nice white consistency, as well as to make them burn slower. These potentially harmful additives include:
- Calcium carbonate
- Magnesium carbonate
- Titanium oxide
- Sodium potassium tartrate
- Potassium citrate
- Polyvinyl alcohol glue
In recent years, the popularity of several rolling paper brands promising to be nothing but all-natural and organic have been influential in countering the many additives that have traditionally been a part of rolling papers. Hemp and tobacco-free options are also very popular with cannabis smokers in order to avoid adding these harmful additives to their natural herbs
Rolling a Joint
Rolling papers have always been right alongside tobacco for centuries, but in the 20th and 21st centuries, cannabis usage has increased and so has rolling paper consumption.
U.S. cannabis legalization
With the weed industry in the U.S. continuing to grow each time another new state legalizes cannabis usage, people are smoking a lot more joints and blunts.
Rolling your own joint has always been a part of the cannabis experience going back to the Roaring 20s and into the turbulence of 60s counterculture. From this trajectory, it’s easy to now say that the rolling paper industry is tied to the advent of cannabis legalization in the U.S. during the 21st century.
Types of Rolling Papers
Rolling papers have evolved for the better over the last 2 decades or so. From more health-conscious fibers and materials to better ways to roll and smoke, there’s certainly been some innovations.
Traditional joint papers
A book of 24 rolling papers is a mainstay, but the many different varieties are not. Everything from custom colors and images, exotic flavors, and joints the size of your forearm are now available at the local smoke shop or online seller for anyone looking for something different. Organic options are also extremely popular nowadays.
Blunts & Wraps
Gutting a cigar, filling the remaining cigar paper with weed, and rolling it up like a joint is a popular practice here in the U.S. and it still continues on due to the popularity in hip-hop culture.
Traditional slow-burning blunts and their blunt wrap brethren are similar in their consistency and performance, however the blunt wrap is a flat sheet to roll cannabis, with no actual loose tobacco within it.
Pre-Rolled cones
Sometimes smokers just don’t have the time or energy to roll a fatty. That’s why innovations like the pre-rolled cone make all the difference.
Cones or pre-rolls as they’re known, are already assembled into the conical shape with a paper filter at the end. Smokers can then load-up already ground-up cannabis into the cone with a stick or pen until the cone is filled with herb. This type of product has seen a rise in popularity the last 10 years or so due to its simplicity and ease-of-use.
Rolling Papers Past & Present
Chinese monks recounted in their sacred texts as to the wonders of their rice-paper wrapped “natural herbs”. Your cousin Eric showed up to your house in his Honda Civic recounting the time he smoked a 24K gold joint with some friends at a party last week. Some would say the more things change, the more they stay the same.
It’s really just plain old innovation that is mostly responsible for the development, popularity, and proliferation of rolling papers in modern society. Innovation that includes the evolution and acceptance of a formerly unknown plant known as tobacco into all ranks of European society.
As well as innovation that also correlates to the dawn of U.S. and subsequent worldwide cannabis countercultures in the 20th and 21st centuries.
by Grow Up Conference | Jun 6, 2024 | Cannabis Prospect Magazine, Media Partners
Tilray Brands, Inc., a leading global lifestyle and consumer packaged goods company, today announced the launch of ‘Purple Churro,’ by Redecan cannabis – a sensational new sativa making its debut just in time for sunnier days and longer nights to pair perfectly with this summer season’s upcoming festivities. This unique strain offers a sweet, indulgent experience with a potent twist and boasting THC levels, marking yet another commitment to innovation with brand new genetics joining Redecan’s high quality flower lineup.
Purple Churro is a delightful cross of Cinnamon Horchata and Apples & Bananas. Offering an aromatic blend of sweet vanilla and cinnamon tasting notes, its dominant terpenes include limonene, nerolidol, and caryophyllene, promising a rich, flavorful experience, while serving as the perfect pick-me-up for both casual consumers and connoisseurs looking to try something new, fresh, and tasty.
Available in 3.5g and 14g dried flower formats in Ontario, Alberta and coming soon in Manitoba and British Columbia with further national expansion expected later this summer.
Redecan will be participating in this year’s 5th annual ‘BUD BASH’ in Toronto, Ontario, Canada this evening for a night of education, entertainment and establishing connections with fellow industry members where guests get to celebrate the joy of cannabis culture and community alongside the latest launches amongst a variety of Canadian cannabis brands. Guests must be 19+ and proof of CannSell certificate will be required upon entry. For more exciting product releases and formats from Redecan, follow @redecancannabiscanada.
About Redecan Cannabis
Redecan is a leading Canadian cannabis producer dedicated to providing premium cannabis products through traditional cultivation techniques and modern innovations. Our passion for excellence is reflected in every strain we produce.
by Grow Up Conference | Jun 6, 2024 | Cannabis Prospect Magazine, Media Partners
EmpowerPharm Inc. https://empowerpharm.ca/ is delighted to announce the outcome of their Phase 2 clinical trial assessing the dose finding, efficacy, safety, and tolerability of Cannabidiol (CBD) drug product for Social Anxiety Disorder (SAD). The results demonstrated efficacy for a subset of patients suffering from moderate to severe SAD. These results will guide further clinical research and the design of a robust Phase 3 program.
The trial, sponsored by EmpowerPharm® was managed by Syneos Health. The study enrolled 239 patients from 19 clinical centers across the United States, 178 patients completed the study. It was a randomized, double-blind, parallel-group, placebo-controlled study designed to evaluate the efficacy, safety, and tolerability of 300mg and 600mg daily dosing of CBD in patients with Social Anxiety Disorder. It is the first, well powered and appropriately designed clinical trial to demonstrate efficacy, safety, and tolerability of CBD for the treatment of patients with chronic SAD.
The trial provided information about the likely effective dose that we will carry forward into a Phase 3 trial for the treatment of patients with chronic social anxiety symptoms using the Liebowitz Social Anxiety Scale (LSAS) as a measure of efficacy. In addition, the study demonstrated a favorable safety profile and excellent tolerability of CBD in this patient population.
The Liebowitz Social Anxiety Scale is a widely used questionnaire designed to assess the severity of social anxiety disorder. It consists of two subscales: one measuring fear (of social and performance situations) and the other measuring avoidance (of social and performance situations). The LSAS is used by clinicians and researchers to evaluate the extent and impact of social anxiety symptoms in individuals.
Peter Billiaert, President & Co-CEO said “I would like to acknowledge the tireless efforts of the scientific team, collaborators, and study participants, emphasizing the demand for new social anxiety disorder treatments. Looking ahead, the results of the Phase 2 study will guide further clinical research and the design of a robust Phase 3 program to advance the treatment of Social Anxiety Disorder”. Billiaert continued, “EmpowerPharm® remains committed to providing safe and efficacious treatment alternatives for patients in need.”
EmpowerPharm® has developed innovative drug formulations in patent pending or application preparation stages based on the Self Nanoemulsifying Drug Delivery System (SNEDDS) technology platforms. These formulations have demonstrated enhanced bioavailability of CBD, as well as full compliance with International Council of Harmonization (ICH) Technical Requirements for Drugs for Human Use and an ICH compliant drug stability program confirming physical, chemical, and microbiological stability of the developed CBD drug dosage forms.
“This will be our first product developed using patent pending drug formulation based on SNEDDS (Self Nanoemulsifying Drug Delivery System) technology. It is a prescription cannabidiol pill, which is poised to become the first CBD prescription drug of its kind approved for the treatment of Social Anxiety Disorder. Cannabidiol is a psychoactive, but non-intoxicating compound derived from the cannabis plant. The pill does not contain any tetrahydrocannabinol (THC), the ingredient that causes intoxication.” said Chairperson and Co-CEO, Aubrey Dan.
Dan continued, “Recent data suggests a lull in new anxiolytic developments, emphasizing the need for safer, non-addictive alternatives. A survey of psychiatrists reveals that between 5 – 60% of their patients self-medicate with recreational cannabis. Access to a prescription CBD pill, supported by insurance and government aid, could improve treatment access.”
Murray Stein MD, MPH, FRCPC, Distinguished Professor of Psychiatry at the University of California, San Diego and a consultant to EmpowerPharm, notes that “There continues to be a pressing need for new treatments for patients with Social Anxiety Disorder. Many patients with SAD are already using cannabis products to relieve their symptoms, but the evidence that these drugs work is lacking. EmpowerPharm’s plans to conduct a definitive Phase 3 program to determine the efficacy of CBD will be closely watched by patients and prescribers alike.”
Social anxiety disorder is a mental health condition characterized by intense fear, anxiety, or embarrassment when faced with social situations. Treating the disorder can result in reduction of symptoms and improvement in functioning and quality of life. SAD affects approximately 15 million adults or 7.1% of the U.S. population. SAD is equally common among men and women and typically begins around age 13. According to an Anxiety and Depression Association of America (ADAA) survey, 36% of people with social anxiety disorder report experiencing symptoms for 10 or more years before seeking help. The Social Anxiety Treatment market was valued at USD $12B in 2022 and is projected to reach USD $16B by 2030, at a CAGR (Compound Annual Growth Rate) of 3.9% during the forecast period.
EmpowerPharm® is a life sciences pharmaceutical company founded in 2018, specializing in the development of cannabinoid-based prescription drug products. These products target therapeutic indications, where patients need safe and efficacious treatment alternatives to currently available therapeutic options. In addition, EmpowerPharm® specializes in the development of novel, solid oral dose formulations for challenging drug molecules with characteristics of low aqueous solubility, low bioavailability and high first pass metabolism.
EmpowerPharm® operates a state-of-the-art $30 million fully qualified manufacturing and research facility in Burlington, Ontario. The facility includes production and pharmaceutical R&D equipment that is qualified and maintained to GMP (Good Manufacturing Practice) standards, the required quality standards for the commercialization of pharmaceutical products. EmpowerPharm® is the first dedicated pharmaceutical company in Canada to have a manufacturing facility with a Drug Establishment Licence (DEL) that is built for cannabinoid-based prescription pharmaceuticals.
by Grow Up Conference | Jun 6, 2024 | Cannabis Prospect Magazine, Media Partners
Greenline, a BLAZE® company, is excited to announce the launch of its new payment processing platform, BLAZEPAY™, a fully integrated, compliant, and secure payment solution for all Canadian cannabis retailers. The innovation behind BLAZEPAY removes the challenges and complexity of payment needs for cannabis retailers and helps growing businesses scale with an easy-to-use and reliable payment processing platform.
Designed for both in-store and online applications, BLAZEPAY offers seamless integration with the point-of-sale (POS) and Greenline’s native e-commerce platform, BLAZE ECOM™, complementing the recently released BLAZE APPS™, and the new Scan-to-Shop functionality.
Retailers using BLAZEPAY can accept credit card and debit card payments with secure tap and swipe convenience, and have the option to provide tipping for staff. The industry-unique, centralized merchant portal gives cannabis retailers easy access to the data they need to gain insights, control their finances, and protect their revenue.
The new BLAZEPAY payment solution connects with the most versatile and modern hardware offerings to easily handle high transactional volume and eliminate manual entry errors for payment transactions. Retailers can safeguard their business with a fast and secure connection to the most advanced payment terminal technology using easy-to-switch Cellular and Wi-Fi options, or Ethernet-wired terminal connections.
Greenline provides end-to-end software support and BLAZEPAY users will benefit from an industry-experienced, Canadian-based team that understands retail technology and delivers the fastest response times to keep retailers successfully operational.
“We are excited to introduce our new, integrated payment solution to the cannabis retail market in Canada,” said Chris Violas, CEO of BLAZE. “Our goal is to provide cannabis retailers with the most reliable, and efficient payment processing solution. We’re offering a fast and secure method to process transactions so retailers can save on costs and move their business forward.”
Greenline, a BLAZE company, is an award-winning, fully compliant point-of-sale (POS) and Inventory Control retail technology software system for Canadian cannabis retail. BLAZEPAY™, the most recent addition for the Canadian market, sets cannabis retailers up for success with the most complete commerce experience.
For more information about Greenline, a BLAZE® company, and its new, integrated payment solution, BLAZEPAY™ please visit: www.getgreenline.co. For press inquiries please contact Lisa Martyn at lmartyn@blaze.me
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