Tetra Bio-Pharma (TSXV:TBP; OTCQB:TBPMF) announced it received No Objection Letter (NOL) from the Therapeutic Products Directorate (TPD), Health Canada to evaluate the safety, pharmacokinetics and pharmacodynamics of its cannabis oil PPP005.
As quoted in the press release:
According to Health Canada data, the annual Canadian cannabis oil production for medical purposes was 22,766 kg between October 1 2016 and September 30 2017, and is growing continuously. In the third quarter of 2017, it grew 24 [percent] from Q2 (Apr-Jun) to Q3 (Jul-Sep). According to an Eight Capital analysis, the cannabis oil market is expected to reach 1.5B$ in 2024.
The launch of this trial is the first step in Tetra’s plans to commercialize natural health products with its partners. The corporation will develop cannabis-based supplements for commercialization under the Natural Health Product regulations in Canada and in other countries where regulatory authorities have a recognized pathway for approval and commercialization of such products. The trial will eventually include formulations that will be registered as drugs under Health Canada’s TPD regulatory pathway. “Tetra Bio-Pharma Inc. seeks to become an important player in the retail market post legalization and this clinical trial is part of the sales and marketing strategy required to effectively penetrate the lucrative pharmacy and health stores retail markets,” states Bernard Fortier, CEO of Tetra.