CanaQuest signs agreement with Jamaican Medical Cannabis Corporation
CanaQuest Medical Corp, a developer of cannabis- infused health products and pharmaceuticals, has signed a preliminary agreement with Jamaican Medical Cannabis Corporation (JMCC) to provide processing, packaging, warehousing and global distribution services for CanaQuest in Jamaica.
JMCC is a Toronto-headquartered company, with rapidly expanding cannabis cultivation, processing, and distribution operations in Jamaica. It was recently announced that the company has acquired 49 per cent ownership of Kirkpatrick Farms on the outskirts of Montego Bay.
The farm, which spans some 250 acres, will be used for the cultivation of medical cannabis. It will also add to JMCC's existing farming sites, bringing total cultivation for the company to one million square feet or 23 acres of high-quality Jamaican medical cannabis for 2019.
In line with JMCC's expanding production, CanaQuest, formerly known as Algae Dynamics Corp, recently completed a supply agreement with JMCC for the provision of cannabis to CanaQuest or its nominated third-party permitted buyers, for medicinal purposes.
The supply agreement ensures a source of high-quality raw material to support CanaQuests' ongoing research programmes with two prominent Canadian universities. The recently signed preliminary agreement is intended to provide production and global distribution capabilities for products developed from these research programmes.
A final agreement between both companies is anticipated to be completed and signed by March 31, 2019.
Initially, CanaQuest expects to launch product formulations derived from research conducted at London, Ontario-based Western University, led by Dr Steven Laviolette. According to the company, Dr Laviolette and his team are global leaders in research for more effective use of medical cannabis for mental health.
“They have identified safer and clinically superior cannabinoid formulations aimed at treating the symptoms of various psychiatric disorders such as anxiety, depression, schizophrenia, and post-traumatic stress disorder, while eliminating the negative side effects associated with traditional marijuana formats,” the company said.
CanaQuest also funds a research programme with Ontario's University of Waterloo on cannabis oil and its constituents, in the context of developing formulations to treat colorectum, pancreas, breast and prostate cancers. To date, CanaQuest has allocated C$1.69 million to these two university research programmes.
“Our agreements with JMCC allow us to focus on our mission of conducting research in support of cannabis-related product development and the creation of unique product formulations for patients. The commitment of JMCC and our shared goals provide an opportunity to positively impact global medical and nutraceutical markets,” CanaQuest President Paul Ramsay stated.
JMCC Chair and CEO Diane Scott said the expansion of the relationship with CanaQuest represents a natural extension of her company's integrated service offering.
“We founded JMCC with the goal of becoming the leading cultivator of high-quality, Jamaican medical cannabis for the world. We're very proud that CanaQuest is now entrusting to us the manufacturing, packaging and global distribution of their novel products,” she said.
“It's exactly what we believe we can do best: to support those medicinal industry players who want to concentrate on research and developing innovative products to help patients around the world,” Scott continued.
The parties intend to operate under the proposed production and distribution agreement to ultimately distribute the medicinal products in jurisdictions where the combination of cannabinoids and botanical plant extracts are permitted or approved, including after the completion of any required human trials.
Additionally, any distribution of these product formulations will remain subject to JMCC and CanaQuest satisfying relevant licensing and other local requirements in jurisdictions where such products are manufactured, imported and distributed.
— Karena Bennett