Recreational marijuana legalization in Canada is less than two weeks away. And as education and marketing campaigns spread, the stigma surrounding cannabis is declining. Canadian cannabis companies are getting ready for a cannabis market estimated to be US$63.5 billion worldwide by 2024.
An opportunity opens up
Many of those are setting their sights on the recreational market, leaving a gap in the medicinal space. Up-and-coming healthcare-focused companies have an opportunity to meet demands for marijuana-based therapies.
PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF), a Canadian natural medicine company, is getting in line to fill that void. The company announced the launch of a Cannabis division, intending to introduce a range of cannabis-based medical products.
“All of our products are preventive medicinal products, not recreational oriented, but as the recreational area expands, you’ll see a bit of a void on the medicinal side because most of the cannabis companies are gearing up to be recreational,” PreveCeutical CEO Stephen Van Deventer.
“The medical side will become very sought-after, and it gives us the opportunity to deliver systems and products that we can license to the major pharmaceutical or cannabis companies,” he says.
Sol-gel – a new technology
The company researches a nasal Sol-gel system that delivers cannabis-based products.
Sol-gel is a gel-like liquid that users spray into the nasal cavity. The therapeutic product releases over time, an advantage over nasal sprays that users have to take more frequently.
That feature will help ensure patients take their prescriptions, as they don’t have to remember as often. It would also help seniors and others who have problems swallowing pills. It could prove a revolution in how people take marijuana.
The gel that could end marijuana stigma
Many people have long had negative views on marijuana. But as different means of taking the drug evolve, this is changing. The Sol-gel comes in patch, a cream, and capsule form, which are novel ways to administers medicinal marijuana.
“I believe that we can move away from that stigma of smoking marijuana, because you can take this as a nasal spray, you can have it in a patch, and you can have it as a wafer, and it’s not going to be psychoactive because there isn’t any THC in it, but you will reap all the medical benefits from it,” Dr. Harry Parekh, PreveCeutical’s Chief Research Officer says.