As the marijuana industry continues to expand, it is facing post-legalization struggles due to the increased supply of cannabis-infused products into the market. Licensed pharmaceutical companies and cannabis producers are seeking new ways of increasing cannabis-products trial and consequently, consumers to make profits.
Health Canada issued the final regulations on vapes and edibles early this year. These legalized “cannabis 2.0” products are expected to be available to consumers by December 2019. Among the newly legalized marijuana products includes cannabis-infused beverages which are notably the leading product in the overall marijuana sales in the market.
Today, October 31, 2019, MediPharm Labs Corp. was granted a cannabis research license through its subsidiary MediPharm Labs Inc. The Barrie, Ontario based company will begin quality assurance testing at Barrie.
Human sensory evaluation trials are expected to officially commence immediately after the research is complete. This will involve trying the smell and tastes of various marijuana products topicals, edibles, extracts, and distillates. The study will aim at finding out the effects of cannabis consumption on the human body. With the finding of the research, MediPharm will be better placed to meet consumer demands and preferences for different products.
According to Pat McCutcheon, the CEO at MediPharm, the acquisition of the new research license for testing terpenes to gauge reactions will be a game-changer for the company. This coincides with the legalization of cannabis topicals, cannabis-infused beverages, and edibles in Canada.
“It will help us improve our products for safe human consumption. Testing for sensory properties and scientific studies is what gives us a competitive edge,” he said.
Although MediPharm Labs stock remains higher compared to other companies in the cannabis industry, the company has witnessed a drop since summer from $5.40 in August to $3.50 this morning. Stock prices have dropped across the entire industry. The arrival of the new products is what will save the industry from suffering huge losses.