Scientus Pharma Obtains Health Canada Approval for Sale of Dried Cannabis
TORONTO, Jan. 2, 2019
TORONTO, Jan. 2, 2019 /PRNewswire/ - HydRx Farms Ltd. (o/a Scientus Pharma) ("Scientus" or the "Company"), a biopharmaceutical company conducting research and product development for extracts and formulations related to medical cannabinoids and their derivatives, is pleased to announce that it has received authorization under the Cannabis Regulations granting sale of cannabis for medical purposes and modifying the conditions of its processor licence to authorize sale of dried and fresh cannabis products. These licences are effective as of December 21, 2018 and valid until September 22, 2020.
The Company previously obtained its Health Canada authorization to produce cannabis softgel capsules and oils and is currently finalizing launch preparations and building inventory in anticipation of product commercialization early this year. To date, existing extraction methods in the industry do not adequately activate the medicinal component of the cannabis plant, such as THC and CBD, nor do they compensate for large batch-to-batch variability inherent in natural plant materials. Scientus has solved these challenges on both fronts.
"Our strategy is to commercialize products with standardized, predictable and effective medicine," said Har Grover, Chairman and CEO of Scientus. "Our sales license for dried cannabis is a stepping stone to ultimately advancing our capabilities for non-smokable products including softgel capsules and oils. We have developed a proprietary continuous flow extraction platform to produce consistent batch profiles of oils and softgel capsules with 100% decarboxylation."
About Scientus Pharma Inc.
Scientus Pharma Inc. is a vertically-integrated biopharmaceutical Licensed Producer and Licensed Dealer under the Narcotics Control Regulations of Canada who conducts scientific research on cannabinoids with a focus on developing and commercializing pharmaceutical-grade cannabinoid derivative products. Being one of a limited number of Licensed Dealers in Canada authorized to handle and conduct cannabinoid products, Scientus Pharma has the ability to wholesale, buy, process and sell cannabinoid derivatives, from and to other Licensed Producers, as well as international markets. Scientus is also a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR).
This new release includes forward-looking statements regarding the Company and its business. Such statements are based on the current expectations and views of future events of the Company's management. In some cases, the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include the Company's expected U.S. patent grant. No forward-looking statement can be guaranteed. In addition, certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information or statements. Except as required by applicable securities laws, forward-looking statements or information speak only as of the date on which they are made, and the Company does not undertake any obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events, or otherwise.
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SOURCE HydRx Farms Ltd.