Pathway Health (TSX-V:PHC) Corp has entered three major agreements so far in 2021, streamlining its medical cannabis offerings through pharmacies, and gradually entering the third wave, also called Cannabis 3.0.
The company’s most recent collaboration was recorded with Metro Ontario Pharmacies Limited, a subsidiary of Metro Inc. (TSX:MRU)
The signed contracts with pharmacies have two components, the Toronto-based company said. The first consists of Pathway providing access to its Canadian Council on Continuing Education in Pharmacy (CCCEP) accredited course, "Cannabis and Patient Care for Pharmacists", which reviews the history, science, clinical applications, and regulations around cannabis in Canada.
The healthcare company said that the training provides pharmacists with the background required to assess and educate medical cannabis patients.
The second initiative underlying the agreements involves the implementation of Pathway's Medical Cannabis Management System (MCMS) in partnered pharmacy locations across Canada.
READ: Pathway Health inks collaboration deal with Metro Ontario Pharmacies for medical cannabis management
"We believe these agreements reflect the pharmacy sector's recognition of a growing interest by patients and consumers in using cannabis-based products and services for a number of ailments including chronic pain, insomnia, and anxiety,” said Ken Yoon, CEO at Pathway.
He added: “It's been three years since the legalization of recreational cannabis through retail stores in Canada and many are anticipating that the next step in the evolution of cannabis regulations will see pharmacies and pharmacists playing a central role in supporting patients interested in medical cannabis, including the distribution of cannabis-based products.”
In 2019, Health Canada launched a public consultation process titled "Potential Market for Cannabis Health Products (CHPs)" in which the creation of a pathway for consumer health products containing cannabis-derived compounds, such as Cannabidiol or CBD is being examined.
This would form the basis for the next round of changes to the Cannabis Act, which is widely expected to contain legislation around CHPs. This next iteration of the Cannabis Act is commonly being referred to as Cannabis 3.0.
"Cannabis 3.0 is all about bringing the benefits of cannabis derivatives safely into the mainstream," said Yoon.
The introduction of Cannabis Health Products (CHPs) under Cannabis 3.0 may permit the sale of certain cannabis-based health products without a prescription or medical document, including those containing CBD, the company anticipated.
“It makes sense for these products to be safely distributed in a regulated environment through Canada's existing network of retail pharmacy locations, much like other OTC medications, where consumers can ask a pharmacist for health-related advice," commented Yoon.
Analysts predict that upcoming regulations would impact the current cannabis market in Canada by as much as $2.45 billion annually by 2023.
“We anticipate signing new MCMS pharmacy partners in 2022 as more pharmacies prepare for the introduction of Cannabis 3.0,” Yoon concluded.
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