As cannabis in Canada cruises towards legalization, Pharma giants race for patented products.
Big Pharma is establishing a significant cannabis presence in Canada with registered patents in advance of legalization. As cannabis-plant-based drugs proliferate globally, opportunities for new technologies and revolutionary advances in health and wellness sciences will continue to grow
Ben Langley, CEO, Grow Biotech.
As of 17th October 2018, Canada is set to be the first G-7 country to fully legalize cannabis for recreational use. The impact of this will affect multiple industries and will be an opportunity for companies to capitalize on the potential goldmine of the cannabis industry. It should come as no surprise that Big Pharma is taking first dibs on patented cannabis products.
According to joint research from US analytics firm New Frontier Data, and UK-based cannabis biotech, Grow Biotech, seven of Canada’s top 10 cannabis patent holders are major pharmaceutical companies.
“Big Pharma’s inevitable entrance into the Cannabis space has arrived. The top nine medical conditions for which Cannabis can be used as an alternative treatment could cannibalize as much as $20 billion in U.S. pharmaceutical sales in the next two years. As more medicinal applications for the plant are discovered, and more physicians and patients integrate cannabis into treatment regimes, the potential impact of cannabis on healthcare will continue to grow for years to come,” said New Frontier Data Founder & CEO Giadha Aguirre de Carcer.
Info from joint research from Grow Biotech and New Frontier Data
Canada continues to make great strides in the preparation for growing their cannabis industry.
“Big Pharma is establishing a significant cannabis presence in Canada with registered patents in advance of legalization. As cannabis-plant-based drugs proliferate globally, opportunities for new technologies and revolutionary advances in health and wellness sciences will continue to grow.” Ben Langley, CEO, Grow Biotech.
Last month, the country welcomed its first cannabis-specialized CRO, Santé Cannabis based in Quebec. As well as conducting investigations for Canadian cannabis products, Santé will be able to provide a research platform for more conservative countries like the US and the UK whilst they are waiting for their own regulatory framework to catch up.
Want to know more on this? Read our Canada report.