Canopy Growth Corporation (TSX:WEED; NYSE:CGC) announced its subsidiary Canopy Health Innovations obtained approval from the Veterinary Drug Directorate of Health Canada to research the treatment of anxiety in animals with cannabidiol (CBD).
As quoted in the press release:
The research will be conducted by Canopy Animal Health (“CAH”), a division of Canopy Health which focuses on developing cannabis-based healthcare products for companion animals.
The approval comes in the form of a No Objection Letter for the use of a proprietary CBD enriched oil formulation, previously administered in preclinical dosing and safety studies, as a potential therapy for anxiety. The CBD formulation will be produced by Canopy Growth in its GMP-certified production facility in Smiths Falls, Ontario.
“Our passion to create safe and effective products for animals is driven by the love we share for our pets,” commented Marc Wayne, Managing Director, Canopy Health Innovations. “The use of natural-occurring cannabinoids as a therapy for companion animals is a logical new forefront of medical discovery and the research we are working on at CAH is world leading. These trial approvals mark a significant milestone on the journey of making cannabis-based drugs accepted and recommended by veterinarians.”