Canada’s Plans for Near-term Legalization Puts Testing into Focus
Ryan Allway
April 3rd, 2017
News, Top News
The Canadian government plans to introduce legislation to legalize recreational marijuana in early April and enact it by mid-July, which could open the door to a significantly larger market for cannabis and extracts. In addition, the market for cannabis testing is expected to dramatically expand over the coming years, particularly given the recent issues that the industry has had with contaminated products and recalls.
In this article, we will take a look at Canada’s plans to introduce the recreational legalization of cannabis on April 10 and why Abattis Bioceuticals Corp. (CSE: ATT) (OTCQB: ATTBF) is well positioned to capitalize on the move.
Upcoming Legalization
Prime Minister Justin Trudeau promised to introduce legislation to legalize medical and recreational cannabis by the spring of 2017. According to the CBC, the government has plans to introduce legislation by April 10, 2017 and legalize the drug by July 1, 2018. The new rules generally follow the recommendations of the federal task force chaired by Anne McLellan, a former justice minister, which included 80 different recommendations in over 100 pages.
According to Markets and Markets, the global cannabis testing market is expected to grow at an 11.5% compound annual growth rate to $1.42 billion by 2021. Cannabis laboratories test for potency, purity, and details like terpene counts, which are both required by lawmakers in the U.S. and Canada and demanded by consumers. This is particularly true after a string of pesticide and contamination scandals that led to several pending class action lawsuits.
Health Canada recently introduced random testing on the 40 licensed producers in the country to address these issues. In addition, the board of the Cannabis Canada Association voted unanimously to implement mandatory product testing among all of its members, which represents 15 of the 40 licensed producers. This testing should screen for contaminants including bacteria, heavy metals, and unapproved pesticides.
Northern Vine Labs
Abattis Bioceuticals’ Northern Vine Labs plans to open its doors in April 2017 to serve the rising demand for cannabis testing. The facility will be one of the only testing facilities in the lower mainland of British Columbia and one of just 18 approved facilities in Canada. The company plans on testing for any approved patients or licensed producers for potency, constituency, microbial, foreign matter, and others for dried marijuana, oils and edibles.
The company recently added Jaclyn Thomson, PhD, and Dr. David Galvez, PhD, to its senior management team and advisory board, respectively. Ms. Thomson will join the team and be responsible for lab operations and testing protocols by leveraging years of experience in lab operations and academia. In prior roles she oversaw quality assurance, scientific, and regulatory consultation and research activities, among other things.
Dr. Galvez will work with the company to analyze and identify superior strains, extraction methods, and formulations for its programs. Northern Vine Labs’ Controlled Substance License enables proprietary methods and services to be offered to current licensed producers within Canada’s existing Federal regulatory structure. It also offers Northern Vine Labs’ customers, including Abattis, the ability to perform R&D on cannabis and explore unique formulations for licensed producers. Dr. Galvez’s prior roles included Director of Research & Development at ZAG Global where he launched several commercial products.
Looking Ahead
Abattis Bioceuticals Corp. (CSE: ATT) (OTCQB: ATTBF) is well-positioned within Canada’s burgeoning cannabis testing industry. With the government projected to introduce legislation in April and enact it by mid-July, the market for cannabis testing on the part of licensed producers could be set to rise past $1.4 billion by 2021 with only a handful of companies approved to test the substance so far in Canada.
With an emphasis on cannabis industry safety and a vision to advance the technology and biosciences markets within the industry, Abattis and Northern Vine have a clear plan of execution outlined for the coming months. Investors may want to take a closer look at the stock ahead of Northern Vine Labs’ opening and the new legislation taking effect.
For more information, visit the company’s website or CannabisFN’s company profile.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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