Crescita Therapeutics Inc., a commercial dermatology company with manufacturing capabilities and a portfolio of non-prescription skincare products and prescription drug products, announced that its wholly-owned subsidiary, INTEGA Skin Sciences Inc. (“INTEGA”) has been awarded a cannabis research license (the “Research License”) by Health Canada under the Cannabis Act and Cannabis Regulations, allowing the Company to possess cannabis for the purpose of research and development (“R&D”).
The Research License is effective immediately and will enable the Company to better support the needs of its existing partnerships in the cannabis industry through innovation-driven product development. The Research License is also expected to accelerate R&D programs and reduce the time to market. The Company also intends to develop cannabinoid-infused topical product formulations under its own skincare brands, and may do so using its proprietary transdermal delivery technologies at its Laval, Québec facility.
Serge Verreault, Crescita’s President and CEO commented: “The issuance of the Research License represents an important milestone in Crescita’s strategic plan. We will now be able to perform in-house development of new cannabinoid based topical products and create patentable science-driven innovation in skincare solutions.” Mr. Verreault added: “I am confident that Crescita will secure a healthy piece of this market segment creating new revenue streams for the Company.”
“We are excited about the opportunity to expand our product development and innovation efforts,” said Isabelle Villeneuve, Vice-President, Strategy, Quality and Innovation. “The Research License opens up many R&D perspectives including new areas of exploration for both general skin concerns and additional therapeutic applications.”
Crescita is a publicly traded, Canadian commercial dermatology company with manufacturing capabilities and a portfolio of non-prescription skincare products for the treatment and care of skin conditions, diseases and their symptoms and prescription drug products for the treatment of pain.