An expansion of products is risky but could bring great rewards if successful.
MediPharm Labs Corp. (TSX: LABS) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce the launch of its new "LABS Cannabis" family of health and wellness products.
Specially designed and formulated for the Canadian consumers, the innovative and high-quality LABS Cannabis products will be targeted for adult use with distribution planned through government and private retail channels across Canada. The first product will tentatively be launched in early Q4 2020.
Our LABS Cannabis portfolio will offer best-in-class products, with specialized formulations, and high purity to meet the essential requirements of the most discerning wellness customers Pat McCutcheon CEO of MediPharm Labs
Mr McCutcheon went on to say "This is an important and growing consumer segment that spans generations, gender and geography. To create these bespoke products, we will leverage our global leadership in the manufacture of high-quality cannabis products, our in-house R&D and consumer testing capabilities and sophisticated GMP certified facility."
Serving the Wellness Consumer with Purpose
MediPharm Labs is uniquely positioned to supply high-quality products through its LABS Cannabis brand. Tenets of the LABS Cannabis brand include integrity, transparency, science-based innovation and purpose. The portfolio will include wellness products formulated predominantly with CBD, but specialized offerings could also be formulated including THC and/or other minor cannabinoids that address potential effects. Unique delivery methods and unique packaging will be employed for product differentiation in the market.
Canada's Prospective Cannabis Health Products Market
In the fall of 2019, EY Canada conducted a survey of approximately 3,000 individuals to provide a uniquely Canadian perspective on cannabis consumers1. A segment coined "Wellness Inquisitor" was identified to include approximately 1.1 million Canadians who consume almost daily and spend about $165 each per month on cannabis products. Wellness inquisitors reported that quality (83%) and intended effects (76%) are the most important purchase criteria followed by terpene profiles (43%) and brand (40%). Clinical research (56%) and the advice of health care practitioners (42%) were reported to be the most important information sources and influences over this group's purchasing decisions.
Further, in September 2020, Health Canada released its Summary Report: Consultation On Potential Market For Health Products Containing Cannabis That Would Not Require Practitioner Oversight2 (findings were centred mainly on whether or not CBD should be allowed to be sold by retailers without strict regulations), revealing that nearly two-thirds of the 1,104 respondents polled are interested in buying "cannabis health products," with the majority of consumers interested in using the products to treat pain and inflammation such as joint or back pain, arthritis, migraines, or headaches.
About 76% of consumers were aware of sub-populations who would be interested in CBD-dominant cannabis health products and felt anyone experiencing pain, trouble sleeping, or suffering from a chronic or mental health condition would benefit. Seniors, veterans, women experiencing menopause, pets or athletes were all groups of interest.
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