Armed with a new name and fresh funding, a local medical marijuana firm says it hopes to bring its pharmaceutical product to market in early 2018, a company executive says.
GrowPros Cannabis recently won support from its shareholders to change its name to Tetra Bio Pharma as it continues to develop research that it hopes will support the prescription of marijuana by physicians.
“What we’re doing right now is going to help legislators and help regulators implement this new legislation that’s coming in, both in Canada and the U.S.,” company president Ryan Brown said in an interview. “They’re craving for scientific data, and they just don’t have any right now.”
GrowPros is developing a prescription marijuana drug product that it hopes will be covered by provincial and federal insurers.
It recently raised $250,000 that Mr. Brown says will be used to finalize its over-the-counter listing in the U.S. that will allow it to raise more money from American investors.
The company has an option on a large land parcel in Low, Que., that could eventually be the home of a 50,000-square-foot marijuana production facility. Mr. Brown says GrowPros Cannabis is “at an advanced stage” in obtaining its Health Canada cultivation licence but says the company’s current inability to grow its own pot is no hindrance to growth.
Mr. Brown says his firm is in negotiations with two licensed marijuana producers and suggested GrowPros’ money would be better spent advancing its R&D efforts than on construction costs.