2018 has been an incredible year for cannabis. The industry has taken leaps and bounds with billions of dollars being exchanged in mergers and new ventures. Many new countries and states have legalized medical or recreational cannabis this year, and on the final day of 2018, there is news coming out of Canada. This morning Health Canada provided an update to its directory of licensed processors, sellers, and cultivators.
The update consisted of the addition of 6 new licensed processors also known as LPs. With this new addition, there are now 140 licensed processors in Canada that are certified to process cannabis for either the medical or retail market. This is exceptional news considering the number of product shortages and recalls that have occurred as of late.
The List of Six
The six new processors approved by Health Canada include the following;
- ARA – Avanti RX Analytics Inc. – Ontario
- Hollyweed Manufacturing & Extracts Inc. – British Columbia
- SynFine Research Limited – Ontario
- Toronto Research Chemicals Inc. – Ontario
- Zenalytic Laboratories – British Columbia
- DoseCann LD Inc. – Prince Edward Island
This addition brings the total number of new licensed processors approved by Health Canada in 2018 to 56. Last year, in 2017, there were 47 new LPs approved by the department. While legalization of retail cannabis occurred in October of 2018, this is the first addition to the list since March!
This is great news for Canada. It is without a doubt that Canadians cannabis. Having an abundance of licensed processors and cultivators throughout the nation is critical for the supply of cannabis to meet demands.
The Market Thus Far
In the first two weeks of recreational cannabis sales, Canadian adults bought over $43 million in cannabis products. This number is only expected to grow as the market welcomes more products such as cannabis oils and cannabis edibles next year.
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