Clinical Trials Research Centre Ramping Up for Cannabis Market Demand
Vancouver BC: Innovate Phytotechnologies Inc. (“Innovate or The Company”) is pleased to announce Innovate Clinical Centres Inc. (“ICC”), its wholly owned subsidiary, will be opening its new 2,600 sq. ft. research facility in June 2019. Located in Kelowna, BC, ICC specializes in clinical studies for the cannabis, pharmaceutical and bio-technology industries. Innovate Clinical Centres will offer a variety of clinical trial related services including advancement of pharmaceutical medications, natural health products and medical cannabis through specialized clinical trials.
In combination with the company’s research and lab capabilities, Innovate’s clinical services offer a vertically integrated approach to completing cannabis clinical research and trial-related activities for clients. Led by our highly experienced, professional research team, ICC is designed to streamline cannabis clinical trials and assure maximum efficiency in all aspects of clinical research, from study start-up to ongoing clinical trial maintenance to Health Canada product approvals.
ICC also offers a dedicated patient research facility specializing in phase I-IV clinical trials. The cannabis industry is generating unprecedented demand for clinical trials across multiple sectors. ICC is actively engaging business development opportunities with industry partnerships for development of investigational products for the approval of Health Canada.
Since the legalization of medical and recreational marijuana in North America, the medical community interest in the cannabis space has grown immensely, resulting in a growing demand for R&D in the cannabis industry. Now that the regulatory barriers have been removed, Canada’s medical cannabis market is estimated to reach $3 Billion by 2024. According to data released by GrandView Research, the global medical cannabis market is projected to reach $146.4 Billion USD by 2025. With the growing acceptance and focus by the Canadian medical community, it is estimated that Canada is well positioned to be a world leader in advancing research & clinical trials in the global cannabis sector. Recognizing this opportunity, Innovate Phytotechnologies Inc., through its wholly-owned subsidiaries, offers seed-to-sale solutions and services including compliance and third-party testing, clinical trials, micropropagation, product development, and IP development and protection, for our target licensed cannabis producers, and medical professionals and associations.
Rob Emlyn, CEO stated; “Our new clinic, together with our integrated services, provides our clients with a complete set of services, from testing, R&D, IP development to clinical trials. Innovate Clinical Centres provide the infrastructure to serve the rapidly growing demand for Canadian cannabis clinical trials and broadens our reach to the global cannabis industry.”
In addition to Innovate Clinical Centres, Innovate Phytotechnologies has two wholly-owned subsidiaries: Phytomatrix Natural Technologies Inc., a developer and manufacturer of hemp-based natural products, and Innovate Phytoceuticals Inc., a regulatory compliance, R&D, full spectrum testing and analytical service provider. The relationship of these subsidiaries provides a unique integration opportunity that streamlines product development, allowing for a smooth transition from product formulation to clinical trials to production and retail.
About Innovate Phytotechnologies:
Innovate Phytotechnologies provides innovative end-to-end solutions for the food, drug, natural health products and emerging cannabis sectors. Innovate Phytotechnologies is the parent company to 3 wholly owned subsidiary companies: Innovate Phytoceuticals Inc., Innovate Clinical Centres, and Phyto-Matrix Natural Technologies. These services meet an urgent and growing need in the cannabis industry for product differentiation: to certify unique products, develop exclusivity, and craft scientifically established IP.
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