CanaQuest Medical Corp., a developer of novel health products utilizing cannabis, hemp, and botanical extracts, including algae oils, announced it has applied to Health Canada for approval to produce, sell and export Mentabinol® (THC based, all-natural formulation) under the Cannabis Act. Approval of the filed application is anticipated in March 2020 and will enable CanaQuest and its Licensed Processor partners, who are capable of formulating, processing, packaging and distribution throughout Canada to initiate sales and global exports 30 days after approval. CanaQuest was awarded a Cannabis Sales/Purchase, Import/Export license from Health Canada through its wholly owned subsidiary ADC BioMedical Corp.
Positive data from CanaQuest’s research and pre-clinical trials is the driver for its first product, Mentabinol®. CanaQuest previously filed an International Patent for Mentabinol®, a Medical Cannabis formulated alternative to other THC products, which addresses anxiety, depression and schizophrenia, while protecting THC users from negative psychiatric side-effects. Additionally, the Company is in the process of filing an application to get a Drug Identification Number (DIN) for Mentabinol Rx® with Health Canada, under The Food & Drug Act (FDA).
CanaQuest is also beginning discussions with domestic and international Pharma companies to formalize collaboration, production and distribution agreements. With potential Pharma partners, the Company plans to organize Human Trials to prove the efficacy and safety data of Mentabinol Rx® following randomized double-blind, placebo-controlled trials.
The duration of these trials is estimated to be completed within 20 weeks and will be conducted in conjunction with enrolled hospital and clinic patients suffering from anxiety and depression.
The Company has engaged two prestigious Canadian universities to research and develop formulated products. Dr. Steven Laviolette and his team at Western University have developed two master Medical Cannabis formulations. Dr. Laviolette is a neuroscientist and scientific veteran with over 14 years of research experience in the field of mental health and cannabis and has a dedicated scientific team of 13 scientists at Western University.
This partnership gives CanaQuest a tremendous product development resource in the Medical Cannabis sector. The completed pre-clinical lab trials have previously demonstrated compelling results for both THC- and CBD-based products.
CanaQuest Medical Corp is a life science company focused on medical cannabis products. The Company is committed to developing novel health products that utilize cannabis, hemp, and botanical extracts, including algae oils. The Company has engaged two prestigious Canadian universities to research and develop formulated products, which the company is in the process of launching. Its research is focused on the use of cannabis derivatives for the development of our novel pharmacotherapies for mental health, such as anxiety, depression, addiction, schizophrenia, and Post Traumatic Stress Disorder “PTSD”.