- Health conscious consumers favor cannabis oil extracts and edibles over smoking
- Recent survey shows 46% of Canadians would try cannabis-infused products
- Canadian cannabis oil extraction market expected to reach $1.7 billion by 2020
Algae Dynamics Corp (OTC: ADYNF) is uniquely positioned to benefit from the upcoming legalization of recreational marijuana in Canada by mid-2018. The company’s focus on developing proprietary research and products involving botanical oils derived from cannabis combines two important consumer demands – the well-known health benefits of cannabinoids and a smoke-free alternative to cannabis consumption.
Nearly half of Canadians (46%) polled in August 2017 by Dalhousie University researchers in Nova Scotia (http://cnw.fm/aAMj1) said they are interested in trying edible marijuana once recreational marijuana is legalized within the country. To clarify, medical marijuana has been legal in Canada since 2001, with some provisions, and the new law will only allow consumers to purchase dried marijuana and cannabis oil.
The preliminary study, entitled “Cannabis-infused food and Canadian consumers’ willingness to consider marijuana as a food ingredient,” was led by Dr. Sylvain Charlebois, a professor in food distribution and policy on the Faculty of Management at Dalhousie University. Among the findings, the survey shows that the majority of the 1,087 Canadians (68%) surveyed are supportive of legalizing marijuana, and cannabis-infused baked goods, cannabis oils and spices are high on the list of things to try (http://cnw.fm/s648Q).
Algae Dynamics and its marketing team are actively preparing to respond to an increased market demand once legalization takes place. The company cites a 2016 Mackie Research Capital Corp. estimate involving trends in Colorado, one of the first U.S. states to legalize marijuana, which found that 45% of dried marijuana users would eventually convert to marijuana extracts and/or oils. Algae Dynamics’ strategy includes extracting oils from cannabis and hemp to formulate unique health and nutraceutical products, along with the distinction of becoming a leading medical cannabis producer through its association with two of Canada’s leading research universities – the University of Waterloo and the University of Western Ontario. This collaborative research is focused on the use of extracts from cannabis oil in the context of various forms of cancer, in addition to development of new pharmacotherapies for mental health.
Algae Dynamics has also signed a letter of intent with a licensed cannabis producer that has the capability to grow multiple strains of the highly regulated plant in a state-of-the-art facility. This agreement with 6779264 Manitoba Ltd., dba Bonify, gives Algae Dynamics an improved pathway to early revenues as well as a high-quality source of cannabis oil to support the research already underway at the universities.
Cannabis oils are increasingly being seen by consumers as a much healthier avenue when it comes to cannabis consumption. The Canadian government has stated its intent to delay legalization of edibles past the planned July 1, 2018, deadline (http://cnw.fm/PoK9z). Instead, the government indicates that it will focus on making products like fresh or dried cannabis, cannabis oils, seeds and plants available for legal purchase.
The underserved market for licensed cannabis producers in Canada, which currently has only 59 licensed producers to serve the country’s population of 35 million, offers great potential for Algae Dynamics. As part of its strategy to be the number one Canadian cannabis research-driven product formulator, Algae Dynamics relies on a formidable leadership team of scientific and strategic advisors that complement the company’s ongoing research and development relationships and initiatives.
For more information, visit the company’s website at www.AlgaeDynamics.com
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